Changing profile of Indian consumer
The Bajaj Chetak 150 MT is an old-time favourite from the house of Bajaj. One could find a Bajaj Chetak in every middle class household. However, with the passage of time, the average Indian’s taste changed. They wanted a modern looking and stylish vehicle. Since there was no demand for Bajaj Chetak any longer, finally, Bajaj had to stop the production of its all – time favourite scooter. This example can be cited as an eye-opener for the change in behaviour of the Indian consumer. What a consumer needs today need not remain same for the next 5 years. With time one has to constantly innovate and renovate to keep up with the pace of the consumers. Bajaj had to come out with Pulsar which was an instant hit. Thus, with the help of this example the change in taste of the Indian consumer can be observed with ease. The recent years have witnessed rapid transformation and vigorous profits in Indian retail stores across various categories. This can be contemplated as a result of the changing attitude of Indian consumers and their overwhelming acceptance to modern retail formats. India has entered a stage of positive economic development which requires liberalization of the retail market to gain a significant enhancement. The Indian consumption patterns are slowly converging with global norms. The Indian consumer is now spending more on consumer durables, apparel, entertainment, vacations and lifestyle related activities. Entertainment, clothing and restaurant dining are categories that have been witnessing a maximum rise in consumer spending since 2002. India is on the radar screen in the retail world and global retailers and at their wings seeking entry into the Indian retail market. The market is growing at a steady rate of 11-12 percent and accounts for around 10 percent of the country's GDP. The inherent attractiveness of this segment lures retail giants and investments are likely to sky rocket with an estimate of Rs 20-25...
Please join StudyMode to read the full document