The Indian economy has undergone various transformations since its independence. It has allowed several foreign businesses to enter its market and create a profitable niche for themselves. This has not only led to an increase in jobs but also provided the end consumer with more options. The average Indian consumer before liberalization used to lead an orthodox lifestyle with a limited mindset. The basis of this mindset was the 3 S – Savings, Spirituality and Safety.
The reason for this was that the average consumer belonged to a country that had been under the rule of foreign invaders since a century and eventually left crippled for the countrymen to rebuild from scratch. In such a situation every penny earned was priceless and had to spent wisely. The concept of risk or a different lifestyle was out of the question. This mindset was prevalent almost till the 1990s after which the evolution of the modern Indian consumer started.
The growth of economy ensued post liberalization leading to an increase in net disposable income for the average consumer. Upcoming industries like IT resulted in more income and consequentially a change in mindset for the Indian consumer. In today’s age the modern consumer has ready access to information and thousands of options to choose from. This coupled with the ability to purchase has resulted in the transformation of the average customer lifestyle.
No longer does the average Indian consumer have a traditional and spiritual mindset but instead has leaned towards a materialistic life, where he is driven to better his lifestyle every day. The consumer also understands the importance of social status and this has resulted in a major change in his consumption. He consumes what the other customers in the society around him consume. The mindset has changed from need-based to society-based.
However, although the consumer is now no longer as inclined towards the 3 S, he is leaning towards a fourth S namely Swadeshi, which means that he supports and has faith in Indian brands. A recent survey showed that out of the 20 top brands in India, 8 were Indian which reiterates the aforementioned point.
This statistic is an important one for future emerging brands as well as subject matter experts. There are several Indian companies which are worth more than some of the foreign companies. This provides encouragement to Indian entrepreneurs and drives them to create brands and build the future of the nation. The day is not far when the transformation of Indian customers towards Indian brands is substantial leading to more export value of products which would in turn generate more revenue for the nation and hasten its journey towards being a developed country.