Global market research company Euromonitor International has revealed the key megatrends influencing the Indian consumer market at its seminar held in Mumbai.
Megatrends are long term shifts in consumer behaviour. They shape demand and determine consumers’ priorities. In the Indian consumer market, disruptive companies are already tapping into one or more megatrends to activate disruption.
Euromonitor International identified three key megatrends re-shaping the Indian market:
Connected Consumer: Connectivity is at the forefront of changing the consumer goods industries. It has redefined accessibility and consumer awareness, changing the way they live, work, shop and play. In 2018, India had 560 million internet users and we expect 99 percent of mobile subscribers will have access to internet on their mobiles by 2030.
Premiumisation: Indian consumers have the power to spend on what matters to them. With growing incomes, consumer expenditure grew 13 percent in 2017- 2018, while discretionary spending is expected to increase by 45 percent by 2025.
Shopping re-invented: Internet retailing is expected to double by 2030 in India. Retail distribution will continue to blur and an omnichannel strategy will become mainstream as consumers develop an everything, everywhere mindset.
Amulya Pandit, Senior Research Analyst at Euromonitor International explains, “As a new shopper’s journey disrupts the Indian market, the way forward for companies is to elevate engagement by changing the way they analyse their retail formats.”
Rahul Jawale, Consultant at Euromonitor International adds, “New opportunities stemming from changing consumer behaviour are often met by new, fast-growing brands or local brands with a closer connection to their consumers. To efficiently deal with the disruptions, successful multi-nationals should keep a constant focus on key drivers to find growth opportunities, even in areas where growth appears impossible.”