INDIA IS A nation of paradoxes, with a vast canvas of 496 million addressable consumers for the FMCG sector, 35% residing in bustling cities, and the remaining 65% living in villages. The Indian FMCG sector, a mirror to this vibrant diversity, has been undergoing a significant transformation. A dynamic and discerning consumer base, a blend of traditional values and modern aspirations, is reshaping consumption patterns of India.
The Powers Shaping Consumption
India's diverse population is spread across five distinct generations. This pyramid is undergoing shifts, where each generation brings its unique preferences, values and spending power, and often the influence of a legacy brand weaves the generations together.
India is blessed with a rich demographic dividend; it is home to the largest youth population in the world. GenZ is the largest generation in India followed closely by Millennials. Reports by Snap Inc. and Boston Consulting Group underscore that the Indian GenZ population, estimated at 377 million, has a purchasing power of $860 billion. These digital natives cherish experiences, and believe in the philosophy of, 'Kal ho na ho' and 'YOLO', which means you only live once, so you might as well enjoy it!
Besides, senior citizens comprise over 10% of India's population.
By 2050, the UN Population Fund indicates that one in five individuals in India will be elderly. This silver generation, especially in urban markets, is an important consumer cohort, defying antiquated stereotypes. They want to feel good and look good! And refuse to be overlooked. Their choices are inadvertently a result of their wisdom and experience.
Bu hikaye Business Today India dergisinin January 19, 2025 sayısından alınmıştır.
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Bu hikaye Business Today India dergisinin January 19, 2025 sayısından alınmıştır.
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