Rising affluence is the biggest driver of increasing consumption. Behind the growth headlines is an even more important story: These shifts have big implications for how companies position themselves now. Inwe took an updated look at emerging developments, basing it on new research among 10, consumers in 30 locations nationwide.
Increasingly, multinational companies are selling products that are not just made in — but that are made for — India.
Entire generations of Indian consumers, who once felt grateful simply for being able to experience the same brands as the rest of the world, are now realizing they can ask for products that cater to their wants and needs. And they stand a good chance of getting what they want.
As Indian consumers became more aware of trends and advancements in technology, they began to demand similar sophistication.
More important, they wanted products built to their needs. That meant not just automobiles, household appliances and consumer electronics, but also mobile phones, foods and apparel. Customers started patronizing a brand only if the product suited them.
The increasing use of third-party sourcing helps further the customization cause; companies can simply take on additional local suppliers who will adapt the products for different markets and customer groups. Many high-end luxury goods, for instance, rely on their country-of-origin tag to enhance their brand appeal.
Koshy adds that products where the unit consumption is low may not justify huge outlays on customization. But not all these factors are equally important. In India, it has become the generic word for instant noodles.
The product sold in India, though, bears little resemblance to the ramen of East Asia. At the other end of the scale, perhaps, is Kellogg India. The breakfast cereal giant has clung to its determination to popularize cold, uncooked breakfasts, even offering corn flakes in ethnic flavors such as mango, honey and saffron.
A significant number of Indians are vegetarian by choice or for religious reasons, and strict taboos remain on the mingling of vegetarian and non-vegetarian foods in the same kitchen or on the same table.
Working on its first no-beef, no-pork menu, the company ensured that suppliers respected the beliefs of its future customers. Vegetarian products are prepared with dedicated equipment and utensils and, in some cases, by a separate workforce.
All food is cooked in vegetable oil, and the mayonnaise and other sauces do not contain egg considered a non-vegetarian food. In the last 50 years, the chain has opened more than 30, restaurants in countries in Indiaadapting its menu and operations to complement existing eating-out options.
While the iconic all-beef Big Mac has been replaced by the mutton and chicken Maharaja Mac in India, a kosher variant in Israel is served minus the cheese.
Some learn that the hard way. In just a few years, Yum closed all its KFC restaurants in India, and did not relaunch the brand until This time, though, the company was more market-savvy. Even its trademark chicken dishes were given a local flavor with the use of Indian spices and cooking techniques.The BCG CCI’s most recent consumer survey in India studied consumption in more than 50 categories that fall into three broad purchase groups: high-frequency items (such as food and beverages, personal-care products, entertainment, and telecom products and services), medium-frequency items (apparel, home furnishings, and tourism, for example), and low-frequency items (such as consumer durables, .
Jun 02, · Driven by several hundred million young women and men, India’s consumer story will be one of the world’s most compelling in the next 20 years, says Goldman Sachs in a new report. A consumer segmentation section in the report breaks down the India’s consumers by specific age groups, ranging from babies and infants to pensioners; highlighting the factors that influence purchasing decisions and the products in .
Indian food is as diverse as many ethnic and cultural groups in India. Just like Indian culture, food in India has also been influenced by various civilizations, which have contributed their share in its overall development and the present form. Indian appliance and consumer electronics (ACE) market reached Rs trillion (US$ billion) in India is one of the largest growing electronics market in the world.
Indian electronics market is expected to grow at 41 per cent CAGR between to reach US$ billion.
The Indian consumer does not feel shy to purchase products on credit and pay tomorrow for what they use or buy today. The Indian recent years have seen a change in consumption preferences of Indian consumers (Dwivedi ; KPMG ) that consequently may affect their values. Changing.