Next Shopaholic Nation - India
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Posted On - 2012-02-18
Filed Under - General
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India's "Gen I" is shaping the consumer market in India making it the second-fastest-growing major consumer market in the world.
India is going on a shopping spree. Both the size and shape of the consumer market in India are fundamentally changing. While the dramatic growth of the market is known, it is not well understood.
The poorest nation in the big four emerging markets per capita will see consumer spending grow four fold over the next 8 years to $3.6 trillion.
In a report called “The Tiger Roars: Capturing India’s Explosive Growth in Consumer Spending”, The Boston Consulting Group said Thursday that by 2020, the number of affluent consumers in India will be larger than the entire population of Canada.
A caveat, affluence in India is about $18,500 a year.
Average household income in India is forecast to triple between 2010 and 2020, but the base remains extremely low.
Per capita income in India is under $2,000 a year.
The reason for the stellar growth? India’s baby boom generation coming of age and getting paid
The members of this generation are entering their prime spending years, and they will indelibly and dramatically reorient the market much in the way the U.S. baby boom did.
While inflation and higher interest rates may have momentarily caused consumers to hit the pause button, the long-term trends for consumer spending in India all point north
Such consumer spending has not only made India a Shopaholic nation but buyoed it to become the most optimistic market in the world.
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