The upbeat Indian consumer felt the heat in 2009, as she seemed scared, cautious and yet bullish in turns. An Economy & Prices survey conducted by Synovate with 1000 consumers in the country gave a thumbs-up to 2010. Eighty-two per cent of the Indians surveyed felt that either the Indian economy would remain same or will improve vis-a-vis a world average of 64% (Economy & Prices survey conducted in 26 countries).
Here are a few trends that can keep the adrenaline flowing in the new year and we all could sit back and see the buying power soar to tantalizing heights.
Premium for products which appeal to the left side of the brain: The optimistic Indian consumer for the first time came face-to-face with a recession. Confused but optimistic is how one may define their responses to the Economy & Prices survey done by Synovate. The survey shows that 31% of the Indian consumers are likely to spend more on necessary product categories versus a 15% global average. At the same time, the complex society in which we live seems to be making us spend more on luxury goods in comparison to our global counterparts (11% to 4% respectively).
Increasing role of stock keeping units promotions with value adds in current brand portfolios: People would still want to buy their favourite Surf Excel but would buy the bigger packs as they are more value for money. There is no reason why I should not buy what I want to; I should also look smart in doing so. Choosing between Aircel or Virgin is no more a brand promise but also brand delivery and a strong product propositions.
Worth the value I pay and not value for money: Willingness to purchase if the packaging is great and aspirational. Colour TV to plasma TV to LCD and now to LED ? all is happening. The high-end music system retailing stores of Bose would challenge the consumers? restraint to the hilt. Another apt example is the success of the Superb from Skoda while the Honda Jazz is trying to win the hearts of the Indian consumers. The Apple iPhone is searching for its ardent fans, while the Blackberry is well packaged!
The way you make me feel: I want to be pampered! Enjoy the experience in the way I dine, the way I shop, or the way I travel. Want to optimize. The year saw a boom in multiplexes, pubs or lounges or hyper malls; the retailing list could go on. And this boom was not restricted only in the tier I towns but also flow into tier II towns like Allahabad or Patiala. The retail boom is going to snowball, be it the economical Big Bazaar or the shining granite floors; chic eateries and glitzy showrooms which can be addictive. According to Cushman and Wakefield, the most expensive mall in Gurgaon is DLF Emporio and the Phoenix Mall in south of Mumbai.
World Wired World: No one stands in queues to get their cash transactions; no one stands in queues to pay their utility bills. The internet banking or the online trading has got the Indian consumer hooked to the worldwide web. Now is the time when the likes of Amazon and eBay would be salivating at the prospect of the Indian youth buying online?
Creating the pull with a change: The current year saw a huge stress on strong relevant content which gave a different character to the advertisement protagonist. Idea cellular saw its ?Walk when you talk? campaign communication break the clutter, Aircel with their communication focusing on VAS. Lately, Tata Docomo with its meaningful yet catchy communication swept the consumers? imagination. Humour with content is the mantra and putting it in a shell what a better way to explain than the Zoozoo campaign. Vodafone got each one of them right. Also, with the advent of digital media and strong out-of-home campaigns would be a smarter way of maximizing on investments than stand alone executions.
Rural consumer and corporates? role: Nothing can end in India if you ignore our friends living in the fresh hinterlands of the real India. Innovation is the key to survival in this fast-moving land where nothing is static except change. Marketers would clearly be looking for bringing in innovative products which are not only aspirational but also relevant.
The question is with the economy growing and with a stable government in the Centre, do you think that the Indian consumer will let the left brand gain over the right brain?
?The author is research director, Synovate India