The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Indore is a industrial, cosmopolitan and prosperous city. It resembles Mumbai in terms of lifestyle, and is sometimes referred to as “Mini Mumbai”. Indore is a promising educational hub and home to both IIT and IIM. With the growth of the corporate sector in the city there is a continuous influx of people from across the country. With the rise in the young migrant workforce, society in the city is expected to adopt a more modern outlook.
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The state government aims to limit alcohol consumption by maintaining strict control over distribution. In 2018, the government imposed a 15% rise in the licence fee for all liquor shops, which further increased the cost of liquor. Despite these measures, the city has been witnessing an increase in alcohol consumption. The rise in the young population and the establishment of bars and pubs have accelerated the consumption of alcohol in the city.
Indore is the commercial capital of Madhya Pradesh and a centre for manufacturing. The city has been witnessing the establishment of various IT and tech parks, which is helping in the formation of a more modern society. With more young people coming to work in the city, the interactions between them and the local population is bringing about changes in the lifestyle and mind-set of the resident population.
With more young people and working professionals looking to relax after stressful days at work, Indore’s nightlife is picking up steam. Consumers in the city tend to hang out at night, particular at the weekend. This is a common phenomenon which can be observed across the city. Pubs/bars are popular among young people, with themed café and bars attracting those wishing to have a couple of drinks with friends or colleagues.
Beer is a favourite among the alcohol consuming population in the city, who are mainly young people and white collar workers. There are significant opportunities for the drinks industry, such as an untapped market for freshly brewed beer and the increasing presence of affordable themed beer bars and cafés.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.