Changing Demographics- One of the biggest reasons for the growth of retail in India is the changing demographics.
Drivers Of Change
1. Changing Demographics- One of the
biggest reasons for the growth of retail in India is the changing demographics.
The number of middle-income class and the people in the age group 18-35 has
been ever increasing and this has changed the consumer’s preference. According
to a world study India is considered as one of the youngest economies and this
is helping in the growth of the sector.
2. Emphasis on Convenience – With the
ever-expanding cities and upcoming towns, people are becoming choosier with the
things they buy and the places they shop. This has resulted in the emergence of
new retail ventures trying to be niche in some area.
3. Explosion of Knowledge and
Technology- With the emergence of internet, people have become aware of what’s
happening in the other part of the world and this has led him in comparing the
prices, assortment, ambience etc. To cope up with this knowledge explosion
different retail formats have emerged and this has made shopping more of fun
and a experiences.
4. Added Experimentation- Back in
the 1980s, people were highly loyal to the brands they bought and the outlets
they shopped, but the present generation of consumers likes to experiment. Long
back people never felt shopping for vegetables and groceries at retail outlets
were a good idea, but things have changed and vegetable retailing has grown by
Tags : MARKETING MANAGEMENT - Retailers And Wholesalers
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