The Indian consumer’s mentality

At a time when India was going through a chaos followed by the GST, two categories of Indian consumers were worst struck, middle-class and upper middle-class consumers. Anecdotal evidence recommended that the two categories made up the maximum number of working class. They faced a huge crisis due to capital drop and deferred deadlines provided by multiple stakeholders.

India is a diverse country in a true sense — its consumers are responsive and irrespective of how and what the market behaves as, they are ready to mold themselves to suit all circumstances. Surprisingly being rich or poor doesn’t matter here, every segment has their own need and they have their marginalized market. It is quite unusual in India to segregate its consumer mentality in segments. Researchers and Market surveys reveal that every 3 years the consumer set grows by an incredible positive %. Evidence that various marketing means reach and engage with more Indians customers and there are brands that build customer loyalty with them gain even more. It is seriously an unprecedented truth that will recalibrate every new branding and marketing plan. All we need to remember is the platform where we serve has to be stronger in terms of marketing and advertising your product.

The Indian consumer is not paranoid about the changing market. How the economy turns and shifts is a separate subject to debate on — for almost over three years the Indian GDP has been strong and sustainable at a meager rate of 8.0%. India’s population places it among the top 3 most populated countries in the world. Hence looking at average Indians in the teens or just in the age bracket of 20, constitutes the group of enthusiast and youthful band in the upcoming consumer bracket year after year.

These young Indian consumers are fresh and excited since 85% of them depends on their parents their demands are new-born and they influence their parents spending or prefer spending their own earnings.Other than buying goods, they lead a sedentary lifestyle as they belong to the aspirational Indian society, the type of society that the West has become hundreds of years ago. They earn well, live better lives, doesn’t mind spending on vacations and trips and love to live life on their own terms.

Question: What is meant by Indian consumer’s dynamic behavior?

It is a common trait that sometimes holds true for people to assume that the true and most active consumers in India are in the age bracket of 22–35 years. However, this is not true. The maximum number of Indians who possess digital gadgets have increased by 150 %. Those who own higher version of the digital machine, latest laptops,and computers have seen a whopping growth of 100% from a growth trend of 20%-30 % in the trending years. This is a great news for the market. This is what is helping marketers to grow, expand and even experiment.

Question: Has the income also increased with changing the market trend and foreign investments in India?

Let’s make one thing clear, the entire world faced recession which has brought in a lot of constraints to all especially in developing countries like India. Since the cost soared high and the need-based consumers’ effort to make more money and a heightened desire to lead a good life exaggerated both high and mid-term income groups. The highest income group were content being the consumer where the market has opened up opportunities just recently in India which is, of course, a great news for marketers.

Question: Are Indian consumers ready to put in extra efforts?

In India, people are extremely motivated by their ambition and a driving desire to excel in life, irrespective of how many hours it takes, Indians are one of the most hardworking nations which mean the working hours Indian put in their profession or work weeks averages 60 hours compared to UK’s less than 40 hours and US’s 42 hours. Indians are motivated by personal ambition, long-term savings, entertainment against life’s pleasures, travel taking a back seat.

Question: Does the consumer adaptability trait benefit an Indian consumer?

Albeit! Researchers and surveys make it evident that Indian consumers are diverse and possess a dynamic mind-set. They require the constant dosage of knowledge and skills to keep going and once they are confident they adapt themselves very comfortably with the marketing trends.

A forecasted future

Indian Economy is now open to all. A number of multinational top corporate houses have shifted their focus substantially towards countries with potential consumers and targeted developing countries such as India, Thailand etc. Many international companies are even venturing as they find it profitable discovering the enthusiast consumer market in India.

India and Indian consumers are undoubtedly gaining importance in the International market. More than 3 international companies venture into Indian soil every month. Singapore Airlines, Suzuki, Hyundai, Allianz are just a few among the lot.

Indian consumers are experiencing the best phase and they will continue to do so in the coming years.