India is all set to become the world's fifth largest consumer market by 2025, providing significant opportunities for consumer business companies, says a study ‘Consumer 2020: Reading the signs' conducted by Deloitte Touche Tohmatsu Ltd.

The convergence of economic, demographic, and technological forces will bring about unprecedented changes in consumer behaviour globally, the study adds.

“With its large market of middle class consumers and growing purchasing power, India is already having a significant impact on the global consumer market across a wide range of consumer goods. As India's economy gains from strength to strength, so does the growth in two-income households giving rise to increased demand for convenience of modern retailing,” says the study quoting Mr Rajan Divekar, Senior Director, DeloitteTouche Tohmatsu India.

The report says countries such as India needs to take measures that stimulate consumer spending. This could include liberalising consumer finance and improving the social safety net, so as to encourage consumer spending and allowing the currency to appreciate in value. Methods of engaging consumers in adopting more sustainable behaviour in purchasing products and services will no longer be just about marketing and communicating. Rather, customer engagement will be about connecting and socialising with a larger and enlightened group of consumers.

Related Topics
comment COMMENT NOW