“ India” – “Changes in Last 60 Years

Topics: Marketing, Economics, Consumer spending Pages: 7 (2208 words) Published: April 8, 2011

India is a big country that consists of various segments of consumers, based on income, class and status. The most recent and crucial development in India’s rising consumerism story is the birth of the rural market for basic consumer goods. Rise in literacy rates and exposure to the west, satellite television, newspapers, foreign magazines and newspapers have all led to the phenomenal rise of Indian consumer. Today, more and more of Indian consumers have become choosy and demand quality products at competitive prices. They prefer to purchase from renowned retail stores, where accountability is evident and feedbacks are given prominence. The Indian market is emerging as a dynamic and competitive area where “the only thing that is permanent is change”. The Indian market is going through a period of upheavals. The winds of liberalization or the opening up of the market have brought about changes that would have been unimaginable a decade ago. As barriers come down, new players both from India as well as abroad are entering in different products. Presently there are many national as well as international manufacturers in consumer durable products. They are fighting an intense battle to get a foothold, while the existing players are putting in all their counter strategies in this battle for survival. The battle is on across all the products- be it consumer nondurable, consumer durable or the service industry – though the degree or nature of battle may vary individually. The Indian consumer story is one that has caught the attention of the rest of the world. Rising incomes in the hands of a young population, a growing economy, expansion in the availability of products and services and easy avail- ability of credit — all of this has given rise to new consumer segments and a rising acceptability of debt.

While consumerism has seen a gradual build-up, what is certain today is thatthere has been a genuine uptake in consumption. Whether it is mobile phones,credit cards, apparel or organised retail, people clearly seem to be spending more, particularly on discretionary items. And the consumer seems to be everywhere, whether it be the large metros, the emerging new cities, the small towns and even rural India.

What has emerged in this consumer story is the fact that there is much more homogeneity in the market than ever before.

India has made considerable changes in the last 60 years be it economical or cultural which has made made a huge impact on consumer buying pattern. Since its independence, India has transformed a lot.

Everybody in this world is a consumer. Everyday of our life we are buying and consuming an incredible variety of goods and services. However, we all have different tastes, likes and dislikes and adopt different behaviour patterns while making purchase decisions. Many factors affect how we, as individuals and as societies, live, buy, and consume. External influences such as culture, ethnicity, and social class influence how individual consumers buy and use products, and help explain how groups of consumers behave. The study of culture encompasses all aspects of a society such as its religion, knowledge, language, laws, customs, traditions, music, art, technology, work patterns, products, etc. Culture is an extremely critical and all pervasive influence in our life.

Cultural Impact on consumers

(a) Convenience: as more and more women are joining the work force there is an increasing demand for products that help lighten and relieve the daily household chores, and make life more convenient. This is reflected in the soaring sale of Washing machines, microwaves, Pressure cookers, Mixer grinders, food processors, frozen food etc.

(b) Education: People in our society today wish to acquire relevant education and skills that would help improve their career prospects. This is evident from the fact that so many professional, career...
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