Looking at India
Aside from exotic foods and breath-taking holiday destinations – India should be seen by marketers as the next target place for brand expansion, according to a report by McKinsey&Company.
“The upcoming changes in the Indian consumer market will create major opportunities and challeges for…multinational businesses,” states the report.
The report reveals that not only will there be 590 million shoppers in India’s cities by 2031, income levels are also predicted to increase by three folds, pushing up to 290 million individuals out of poverty and into the world’s biggest workforce.
“Industries such as food, media, personal transport, financial services and pharmaceuticals will see a rise in demand in what will be the world’s fifth largest consumer market,” predicts the McKinsey report titled
Another key to penetrating the Indian market is to push products and services that are low-cost but high in value, and specifically catering to the unique needs of the country, including housing, water and technology.
In terms of marketing, it is worth noting that Indians spend an average of 4.5 hours each day consuming offline digital content and will boost an internet user base of 450 million within the next three years.
The report can be downloaded at http://www.mckinsey.com/locations/india/mckinseyonindia/pdf/India_Consumer_Market.pdf