The young Indian consumer goes all out to seek new experiences from food and wine, installs an in-home spa and holidays in exotic destinations. Modern retail is well on its way to becoming the key driver of the country’s economy, says Geoff Hiscock, an Australian author.
Australian author, Geoff Hiscock’s new book, “India’s Store Wars: Retail Revolution and the Battle for the Next 500 million Shoppers” talks about India’s retail revolution, highlighting the changes in the demographic profile, tastes and spending habits of the Indian consumer. The author mentions the young Indians, who have more confidence and are willing to borrow to finance their consumption.
According to the author, there has been a huge increase in spending and incomes as more and more younger people are entering the workforce and are ready to spend money than their parents were. The ’save’ mentality is being replaced by the ’spend’ mentality.
But the rapid growth has led to a storm of protest from small traders, market middlemen and political groups, who are fearful for their economic future, are opposing large business corporates including Reliance, Birla and Bharti foraying into the retail sector. In some states, Reliance Industries has closed or scaled back its retail stores in the face of sometimes violent protests.
Hiscock has a positive outlook towards this and believes, India’s modern retail sector can work through these issues, and the consumption boom will continue driving up the growth rate.