Iding the Indian Consumer: IMRB Study

According to the calculations of the Department of Economic Analysis at Goldman Sachs, the five largest economies in the world in 2050 will include the four BRIC countries (Brazil, Russia, India and China) plus the United States. While the GDP growth in the BRICs have slowed in the recent years post-recession, it is still expected that the balance of power in the global economy will change in the near future with the emergence of the new “growth markets”.

Much has been said about India going the global way, how the aspirations and lifestyle of the average Indians increasingly mirror the West and yet on the other hand there are those die hard traditions which are difficult to let go. So where does India fall on the global scale – how does it compare with countries which are developed and countries which are on the same stage of economic development

What defines the Indian consumer and how similar or different is this from others?

MOTIVATORS

We are less tenacious as compared to others.  All the other countries are ahead of us when it comes to trying again in the wake of failure. We tend to give up easily and are slow to seize opportunities.

We also lag behind on the need to constantly update and upgrade ourselves and being abreast with latest information. In this regard we closely mirror China

But we love change, novelty and challenges. However, we are definitely not a satisfied lot. Many Indians believe that there is little they can do to change their life. The consumers from the developed nations believe that it is in their power to change their life, probably a reflection of their affluence levels.  The BRIC nations though lower in score, believe much more than Indians that they can bring about their own change.

WE ARE GOOD WITH….. MONEY!

Indians seem to take pride in managing their finances. They score higher than all the other countries. They are very sure of themselves and they believe that they don’t spend money without thinking

India scores only a 26 in the Indulgence versus Restraint Index (IND) in the Hofstede’smodel which is indicative of a restrained culture. This restrain probably exhibits itself in its spending patterns and hence there exists good financial management. Russia and China share scores similar to that of India’s however, United States and Great Britain record high indulgence scores of 68 and 69 respectively.

SPENDING MONEY

We are good at that too provided we are convinced it’s worth the price! Like fellow BRIC countries we wouldn’t think  twicebefor paying that bit more for good quality . With the economic downswing, it’s now the Americans and Britishers who are more conscious on this front.

 

 

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