Thursday, January 04, 2007

Trends in India That Will Define 2007

Indian consumers are becoming more demanding. It is becoming a tough task for marketers, in the midst of changing lifestyles, technological upgradations and a transforming retail environment. The job scenario is good and Indians enjoy a higher disposable income.

As we move on to 2007 here are key insights into consumer trends to look out for in 2007 according to a report by the Economic Times, India:

Shopping will get a new face:
2007 will experience a retail explosion. Consumers will continue to be drawn towards shopping at high quality retail environments. The shopping environment will continue to change and many more neighbourhood shops will orient themselves to the self-service format.

Innovation will be Key:
Shoppers will be spoilt by choices. Companies will be under pressure to constantly innovate. Both products and services will have a shorter life cycle and innovation will become the growth engine for every company. Marketers will constantly have to be on their toes to launch newer versions of their products.

Consumers will turn more beauty and fashion conscious
More Indians will begin investing in cosmetic procedures and the use of products with beauty builder technologies which help enhance the beauty of both men and women. Indians will to wants to look and feel good and hence we will see the footfall in gyms, yoga classes increasing. There is also a heavy tilt towards Bollywood and consumers will have surplus cash to follow the latest Bollywood trends.

Consumers will experiment more
With more nuclear families, working women’s demand for processed foods will increase. Various companies are entering the market with ready-to-eat options. Eating out phenomenon will increase and people will try different cuisines. They will get more experimental with food and clothes.

Investment patterns will change
Surplus cash normally goes only to the savings kitty. A lot is changing in this area. There is a boom in the real estate market, new mutual funds are opening up, and there are personal financial planners chasing you. Modern Indians are looking at investments and we see a lot of avenues opening up as well. Consumers will benefit in the coming years with cutting-edge customized financial services on offer.

Number of car owners will increase in 2007
With easy loan options and ever increasing new car brands being launched every month car sales will boom. Indians will now drive their favourite cars almost at the same time as their global counterparts. Maruti, GM and Hyundai among others have an array new launches up their sleeve.

Office-home boundaries will merge

2007 will be the year most consumers across the globe will get serious about their home offices. In the US, waterproof touch-screen computers will be seen. In India too, there’ll be plenty of chatter about harmony in the home as people try to draw a line between work and living spaces.

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