Many changes have been seen in the Indian consumer market in recent times. These include changes in the shopping trends of Indians to the increase in domestic consumption. First of all, let’s talk about Nielsen’s report, according to which, in order not to compromise on the quality of the product in online shopping, now 41 percent of Indian customers research the product online and then go to the store to buy it. In the same report, it has also been informed that India is the only country in the Asia-Pacific region where double digit growth has been recorded in the sale of consumer products.
The growth rate of sales of FMCG, tech and consumer durable products has been more than 10 percent. According to Nielsen’s report, the Indian economy gets a booster dose from festivals. Festivals contribute 20 percent to the sales of FMCG and up to 60 percent to the sales of tech and durable products.
Indians like foreign goods!
Meanwhile, a survey by Avalay claims that Indian customers are at the forefront in purchasing foreign products. This survey says that 67 percent of people in India have purchased foreign goods, while this figure is 37 percent in America and 27 percent in Britain. According to the information that has come out in this survey about the reason for Indians buying foreign goods, 76 percent of Indian customers believe that foreign products are better than Indian products. More than 61 percent of customers use major online e-commerce platforms to buy foreign products. 4.8 percent of customers shop through social media.
Demand for international fashion products!
By the way, the Make in India campaign of the Government of India has also given a tremendous boost to the country’s e-commerce market. It has crossed the target of 40 billion dollars in a year. International fashion products are in the highest demand among the foreign goods purchased in India. After these, electronic items like mobile phones, tablets, laptops are in great demand. According to the survey, 45 percent of Indian buyers are not aware of the custom duty levied on foreign goods.
Shopping will be more in India than in Japan
After this, a third report has come from UBS Securities, according to which India will become the third largest consumer market in the world by 2026, leaving behind Japan. It has been said that in 10 years, domestic consumption in India has increased at a CAGR of 7.2 percent and reached 2.1 trillion by 2023. To make this estimate, UBS has compared the GDP of India and China. Although by 2023, India’s consumption was only 30 percent of that of China, but on the basis of India’s current GDP and China’s GDP at that time, which was equal to India’s, India’s consumption growth has been said to be faster than China.