While the tired trope of India being a “poor country with rich people” might hold some statistical truth, the consumption data fails to capture the dynamic complexities of a nation on the cusp of a major economic transformation.
Beyond the Numbers: Navigating Consumer Realities: Traditionally, consumption patterns have been simplistically tied to income levels and urban or rural distinctions. However, the study highlights the inadequacy of this perspective. Consumption habits are influenced not only by economic factors but also by social and cultural attributes, as well as an individual’s perception of life and their societal position.
A Crux study, based on an extensive sample of 26,000 consumers, 120 experts, across 289 districts, delves deep. It’s a beacon for stakeholders, guiding decisions with nuanced understanding of trends, preferences, and economic factors. This comprehensive examination provides valuable insights extending beyond statistics, identifying far-reaching impacts for businesses, policymakers, and society at large. The study equips the ecosystem with detailed information to translate insights into actionable strategies that are both dynamic and transformational.
Analysing income distribution trends of the last 25 years reveals a nuanced narrative. Despite strides in income distribution, the past decade has witnessed a resurgence of inequality, illustrated by a concerning trend of “K-shaped growth.” Understanding consumption dynamics goes beyond macroeconomics. India’s consumer landscape encompasses metro, urban, semi-urban, and rural markets, each serving distinct segments. Micro-level changes in behaviour are vital, with the digital revolution empowering small-scale retailers and consumers alike.
This story is from the May 18, 2024 edition of BW Businessworld.
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This story is from the May 18, 2024 edition of BW Businessworld.
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