India has a GDP of over USD 1.236 trillion (2009 estimate), the 12th largest in the world (4th largest in terms of GDP on purchasing power parity basis of USD 3.57 trillion) and per capita income of just USD 1,100 (136th in the world). Even during recessionary period of the last two years, economy has been growing at over 7%, 2nd fastest in the world (after China), that means its average income will double within 10 years.
India’s population stood at 1.157 billion (July 2010 estimate), growing at a rate of 1.407% (2010 estimate) with 64.3% of total population accounting for people between age bracket of 15-64 years and 30.5% below 15 years of age. Sex ratio of total population remains at 1.08 males to one female (2010 estimate). Following are the changes being observed in the structure of Indian population and its impact on the companies targeting the Indian consumers over the last decade:
* Women are increasing becoming career-oriented and prefer to have children at a later stage in life. Especially in urban areas, there has been a tendency to have maximum one or two children which resulted in parents spending more per child (leading to better quality of life and education) and has allowed women to stay at work longer (increasing household incomes and encouraging the purchase of labor or time saving products).
* Alongside a declining number of children has been a decline in the average size of households. The growth of small size households has had numerous marketing implications, ranging from an increased demand for smaller units of housing and smaller size but better quality of clothing and groceries.
Social, Cultural and Lifestyle Developments
In the last decade, India has seen more global influences than ever before. Technology has brought the diverse nation get closer, leading to evolution of communication patterns and reducing the bridges between urban and rural areas. This cultural shift has definite impacts on the... [continues]
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