India opens for foreign retailers

August 28, 2013 – 23:31
Store Manager – Organic Food MNC – Mumbai. | To Help and Be Helped

India is a subcontinent of superlatives. More than 50 percent of the 1.23 billion population of the country are younger than 25 years. About 300, 000 people are among the prosperous middle class that is increasingly upmarket due to a growing per capita income. However, the sharp rise in inflation in India could dampen the shopping mood of the middle class in the next time something. But in the next few years, especially luxury goods will enjoy increasing demand, the number of millionaires is growing but steadily.

In addition to the supply of essential goods, the Indian luxury goods market has attracted the interest of foreign retail and consumer companies. Up to 21 Century had provider of luxury goods in India in a difficult position, but since the middle class is enjoying growing prosperity, and luxury meet increasingly to the interest of the population. The retail and consumer experts from PwC estimate the market for luxury goods to around 2.9 billion U.S. dollars. The reason for the strong growth, the experts in the rising salaries the higher income classes. More than 126, 000 Indians already have an annual per capita income of more than 1 million U.S. dollars.

Watch the Indian market closely

In recent years, some big names in the luxury industry have settled in India in the megacities of the new middle class, so the estimated 300, 000 households with an annual income of more than five million Indian rupees (approximately 83, 000 EUR, as of 2010), for themselves to win. For India's Consumers are changing: they were up to the millennium rather than consumer-oriented savings, makes for the strong upward trend in the economy and particularly in the IT and software companies to rethink wide. The Indian middle class 24-35 years of age is both extremely quality-and price-conscious and lives mainly in the big cities of the country such as New Delhi, Mumbai and Bangalore. Traditionally, Indian consumers pay very much on the price-performance ratio and are happy to invest in durable consumer stocks such as cars, watches, jewelery or furniture. It was not yet as bad practice, to profess luxurious things, now a change in thinking is used, which allows it "to treat yourself to something."

New sales opportunities through the Internet

A frequently only difficult to assess the size of foreign firms logistical accessibility of individual customers in a large territorial state with limited infrastructure. So far, most of the suppliers of luxury items especially in the metropolises Mumbai, New Delhi or Bangalore also represented, where rents both apartments as well as shops explosively skyrocket and the supply of available floor space is very scarce. Wealth evolves in India and especially in the smaller cities like Hyderabad or Pune million - they might win for the luxury market considerably in importance. In order to reach their potential customers to retail and consumer goods companies should therefore also consider how they approach bringing their goods both physically and psychologically closer to the customer. Movie and TV transport in India traditionally very successful advertising - alone in the city of Mumbai are over 100 TV channels active. The Internet is also used as a source of information more frequently. It could also play an important role as a distribution channel in the future, but can be sold with its help, with relatively little effort and at low cost goods on the entire subcontinent. Various Indian online stores report good success, especially in the smaller cities of millions - and accordingly look optimistically into the future.

Source: www.pwc.de

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2005-08-08 10:08:45 by movingdee

Hey, hoping someone can help. My boyfriend and I are hoping to move to NYC from Dublin, Ireland early next year, and are trying to do some research re finding jobs, apts etc. Could anyone recommend a good job search site - my background is in Retail / luxury goods marketing. Hoping you can help, Dee!

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