As the economy of India continues to grow, it is becoming increasingly apparent that the consumers are categorised largely as rural and urban. The market in the nation is comprised largely of a large, and growing larger by the day, affluent middle class and a smaller segment of the population that is considered to be low income with little spending power. According to a study by the India Brand Equity Foundation, the economy in India is set to double by the year 2025, if not more than double.
Projected Growth Rate
Few countries on earth can expect the projected growth rate of India, largely due to advances in technology and the manufacturing of durables. According to the ibef.org report, the growth rate is expected to top 13% per year during this time as opposed to a projected GDP growth rate in the UK somewhere just below 2%. That is a huge difference and why marketers around the world are flocking to India to get in on the ground floor. Or, if you look at the rise in those who use the Internet regularly, you will see why this market is projected to grow so rapidly. This year alone, those who use the Internet come in at just about 35 percent where last year only 27 percent had online access.
Emerging Trends in the Economy
It is clear that the Internet is playing a huge role in the growth of the market in India. Consider the fact that India has a total population of approximately 1.3 billion people, up from 1.2 in 2015 and of these people, there are at least half a billion who have Internet access. Much shopping has, and will, be taking place online so sites like 7coupons.in that offer discount coupons and voucher codes will be going really strong. This will satisfy the emerging trend to shop online for great prices without the need to battle all that traffic in major cities where the bulk of commerce takes place.
Marketing Where the Money Is
Since the growing middle class is said to have much better spending power than ever before, marketers are set to target this sector within the economy. Business is expected to be so good that online marketplaces like Amazon are already setting up new distribution centres around the country. Amazon alone has begun setting up 6 new distribution sites to serve the various regions in India and as business is expected to grow significantly, these distribution centres are just the beginning.
With such an explosion in ‘wealth,’ it is expected that Indians will live better than ever before and will continue to expand over time. No longer is the bulk of the country the impoverished homeless but rather the affluent middle class who are able to see and use those coupon codes. The emerging middle class really is good news for India and it is expected that within the next few decades, India will be a financially stable nation to reckon with. If the current growth pattern continues, this country may even be one of the global superpowers before the mid-point of this century. That is good news to look forward to, indeed.