Just as China has the phrase “衣 (clothing) 食 (food) 住 (shelter) 行 (mobility)“ to describe life’s essential needs, India has its equivalent in the form of “roti kapda aur makaan” – meaning “food, clothing, and shelter”.
Indians focus on 7 key areas of consumption desire that capture majority of the total consumption expenditure: 1) Eating better 2) Looking better 3) Better home 4) Mobility and Connectivity 5) Having more fun 6) Well-being 7) Luxury
The Goldman Sachs Group, Inc 2016 report_
1) India’s consumer story will be shaped by its 440mn Millennials and 390mn Gen Z (born after 2000).The sheer size of India’s youth combined with improved education pave the way for sustained growth in purchasing power and makes India’s consumer story one of the world’s most compelling for the next 20 years. The nation’s challenge is to create enough jobs to unleash the productivity of India’s talented youth.
2) India’s GDP per capita – at US$1,650 in 2015 – is comparable to China in 2005. And in the coming decade, India’s consumer story will be led by its 129mn Urban Mass consumers. More so, this marks a different path from China, which was predominantly an Urban Middle formation story during 2002-2012. Read More