Insights on Indian Consumer Market
1. Market with 3 to 4 segments :
a. Top Segment – Pay more get more
b. Upper Middle – Good value at reasonable price
c. Lower Middle – Good value at reasonable price with discounts
d. Bottom Segment – Pay less get less
As a Marketer, we could understand, there are variety of needs with diversified interests were the customer is willing to pay more for consumer experience on the other end there are large masses who are still satisfied with less for cheaper price.
2. Now in Rural areas the agriculture is not ...view middle of the document...
3. Rural population not shifting to urban as quality of life is also improving in rural.
Marketers may need to use different strategy to drive urban and rural, where urban may be of brands, lifestyle, status symbols, where as in rural the key factor is still price and best bargain. Marketers need to approach with different consumer lifestyle.
4. Rather people migrating from popular to premium brands; the popular segment grew as the reverse happened.
This shows the consumers value for popular demands is growing, and marketers should not wait for the masses to move to premium markets but also improvise the popular brands also.
5. Mindset of people, where it’s ok to spend today and tomorrow will become better.
This show the consumers are willing to borrow and spend; this emotion could be used to market high end or premium products at installment plans.
6. Emerging new Segments: Kids, Youth, Women
Unlike earlier days Kids now influence decision making process of the parents due to exposure and awareness of outside world. Purchases are not driven by necessity, but to satisfy personal aspirations.
As for this kind of market, the interest on a brand or a product is short lived, which marketers could tap and use it to their advantage to with more innovative or catchy products.