Updated May 2009 (earlier versions published in 2006, 2007, 2008)
Globalization of the economy has exposed the Indian consumer to a gamut of products and brands. “Quality of life” is a buzzword with the Indian consumer today. As a result, international brands of lifestyle products are increasingly making their presence felt in the Indian retail scene as Single-brand Stores.
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Summary:
The Indian Retail Sector attracts attention by the sheer frenzied activity and growth witnessed in the last few years. Its potential and growth has also resulted in a number of large international retailers setting shop in India. International brands are setting up shop here with a view to capture market share in the world’s second most populous country
Globalization of the economy has exposed the Indian consumer to a gamut of products and brands.
A large number of Indians travel abroad on work and experience the lifestyle, products and services available there. This has prompted demand for these products in India as well.
“Quality of life” is a buzzword with the Indian consumer today and the aspiration driven demand for products and goods is on the rise.
Even more striking is the shift in the Indian lifestyle, one that traditionally espoused austerity and a sense of responsibility to the joint family to one of self-indulgence.
Expenditure on non-food items is expected to rise in the near future due to a rise in the per capita income.
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