INDIA WILL EMERGE as a blockbuster nation across numerous parameters in the next five years. As someone who has been actively involved with two of the country's most dynamic growth drivers-retail and entertainment, this will unfold across the board till 2029 and beyond.
The way the movie business has bounced back post-Covid has left a deep imprint in the minds of Indian audiences. And they have come out in droves to the cinemas to create benchmarks of success across the board. In 2022, RRR and KGF brought people back to the cinemas, and 2023's top grossers, from Barbie and Oppenheimer to Jailor and Leo to Pathaan and Jawan to 12th Pass, Animal, and Sam Bahadur are just a taste of things to unfold over this decade.
India is already the world's most populous country, and the leapfrogging effect of policy reforms, effective infrastructure, combined with entrepreneurial zeal is already fuelling the journey towards a $5-trillion economy in the near future.
With almost 65% of the population below the age of 35, we now have a young mass market with niches like young luxury, and aspiring youth as both consuming and producing segments. In the space of retail and entertainment, this plays out as what I call the 3M experience-Mall, Meal and Movie.
So, when a consumer goes to shop at a mall, she also has a meal and watches a movie. So, if she goes to shop at a mall with global brands, she will also expect to have a meal at a Michelin Star restaurant and luxury movie spaces. Similarly, in the aspirational districts across the country, and in the newly emerging urbanised context, that mix would have more aspiring brands.
Today, the Indian consumer is earning well and spending well. With increasing per capita income, their spending capability has also grown.
This story is from the February 18, 2024 edition of Business Today India.
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This story is from the February 18, 2024 edition of Business Today India.
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