India: Consumer Profile

August 2023

Population expansion, higher birth rates, a large youth cohort, and urbanisation continue to shape India’s demographic landscape. Stronger economic performance and growing incomes influence Indian consumption patterns with more people having a positive outlook. Going forward, the influence of Generation Z on consumer preferences will solidify. Couples with children will remain the largest household type, fuelling demand for family-centric products and services.

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Overview:

Consumer Profiles  reports  provide key insights into the country's consumer landscape and uncover related business opportunities in 40 countries.

The Consumer Profiles offer valuable statistics and insights into key consumer indicators, linking household size, age, income, and spending patterns to behavioral trends and consumption habits. Utilizing a wide range of socioeconomic data, these reports quantify behaviors, preferences, and motivations both presently and forecasted across 40 markets. Analysis also encompasses Euromonitor’s lifestyles survey results, alongside the examination of longer-term shifts in consumer attitudes and behavior, analyzing their impact within each of the 40 countries. Consumer profiles are constantly changing, influenced by both socioeconomic factors and behavioral changes. Understanding these shifts is imperative for businesses to maintain competitiveness and adapt in order to capitalize on emerging opportunities.

The Consumer Profiles in India report includes:

A high-level analysis of socioeconomic data, including insights on demographics, income and expenditure, households, and consumer lifestyles backed by both in-house statistics and survey data. It also provides a concise compilation of socioeconomic data, offering a snapshot of the consumer landscape today (2022) and in the future (2040). The report is also illustrated with relevant and actionable case studies

The Consumer Profiles in India report answers:

  • How consumers in India are changing? 
  • What are key changes in India population, society and generational structure and how it is affecting businesses?
  • What is the household structure in India and how it is changing consumer landscape?
  • What are key income groups in India? What is the outlook for the future?
  • Where consumers are  spending the money in India? 
  • How is the consumer mindset in India changing?
  • In India, what are consumer attitudes towards “green” and sustainable products?
  • Where and how do consumers shop in India?
Scope
Key drivers affecting consumers in India in 2022
How developments today shape the consumer of tomorrow
Key findings
Today 2022: Generation Z constitute the largest population cohort in India
Population expands amid considerable birth rates
Indian consumers have a preference for branded goods
Tomorrow 2040: Population composition in India to remain young
Generation Z will be 30-45 and is set to remain the largest population cohort
Cities to further expand in India creating opportunities and challenges
Areas of opportunity
Case study: New metro lines in Mumbai help to address the city’s congestion issues
Today 2022: 4-person living arrangement constitutes the majority of Indian households
Large Indian families live in large homes
Energy efficiency is of paramount importance for Indian consumers
Tomorrow 2040: Couples with children to continue to dominate in India
Male-led households to age and to continue to dominate by 2040
Mobile phone penetration rates lead digital revolution in India
Areas of opportunity
Case Study: Nothing Phone (2) entering Indian market
Today 2022: Essential spending dominates consumer expenditure in India
Prices surge, yet inflation in India remains lower compared to developed economies
Millennials demonstrate highest intentions to increase spending, especially on education
Tomorrow 2040: Social class E, the lowest income class, to remain dominant by 2040
Middle-aged population will be predominant in the top-income band
India’s wealth to remain concentrated in Mumbai and Delhi
Areas of opportunity
Case Study: New outlet mall opened in Delhi
Key findings consumer survey
Younger Indian generations believe they will be better off in the future
Indians rely on credit cards and other consumer borrowing more than the global average
Indians prioritise jobs with high salaries and security
New and branded products have unique appeal to Indian consumers
Indians worry about climate change more than their global counterparts do
Areas of opportunity
Case Study: Single-use plastic ban in India to encourage sustainable alternatives
Key takeaways
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