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India’s ascendance as an economic power has forced the world to unveil the mystery called “India” . and an intriguing element of this mystery is its consumer market characterized by diverse languages, regions, religions, economic and social status. This market has always been a tricky proposition to understand.
India’s consumer market till now was broadly defined as a pyramid; a very small affluent class with an appetite for luxury and high-end goods and services at the top, a middles-class at the center and a huge economically disadvantaged class at the bottom. This pyramid structure of the Indian market is slowly collapsing and being replaced by a diamond – a relatively large affluent class at the top, a huge middle class at the center and a small economically disadvantaged class at the lower end. The diamond represents increasing volume and value across all classes of Indian consumer market.
These shopping outlets allow consumers to explore their choices and touch and feel products in the comfort of a glitzy and energetic environment, something that kirana stores or mom stores or pop stores have never been able to offer.
“No other country is expected to experience double-digit growth rates over the forecast period,” the IATA study said.
India overtook China as the world’s fastest-growing market for luxury goods in 2012. The world’s second-most populous country will grow at a average rate of 22% a year over the next five years. India will reach $7 billion in value by 2017, while China will grow by 15% over the same time.
Global luxury brands are also increasing their presence in large and well established malls across India (not necessarily luxury malls) to increase their reach to the Indian consumer.
Foreign brands that got in early have made rapid progress. Upscale watchmaker Tag Heuer, which has averaged 40% growth in India over the last three years, expanded from 80 shops to 120 in 2006; and Jimmy Choo opened 10 shoe stores by 2011.
Nokia currently leads the smartphone market, with a share of 46 percent. Samsung has significantly grown and has close to 30 percent of Indian smartphone market share.
On mobile operating systems front, Android is the overall leader, accounting for more than half of all smartphone shipments.
Linux maintained its presence in the worldwide smartphone market, and Windows Mobile Phones are expected to make significant inroad in the worldwide smartphone market.
India is hence undoubtedly the largest market for cars like Audi, BMW, Ford . It’s a market for high end products . It’s a market for luxury brands like Louis Vitton that have their show rooms in many malls . India is a large market for real estate with immense opportunities for high value consumers where big houses costing odd crores of rupees are in high demand. India is a vast market for aviation sector like helicopters and choppers. Its a large market for high cost large screen LCD and LED TVs. India has witnessed huge sales of Canon cameras and printers, Samsung SmartPhones and TVs ,LG refrigerators and TVs and the list is unending.