Indian markets are changing
“Nothing is constant in this world except one thing, and that is change.” This thing is being demonstrated by Indian markets. Moving from traditional unorganised markets to the newly evolving organised markets, Indian markets have seen some major changes in the shopping patterns of the customers and their choices. People have started buying and trusting only the branded products, and goods produced in India are termed as local products now. But this word, local holds a very specific meaning for the Indian customers, and that means low quality. People have developed such an image of Indian products in their minds that anybody purchasing these local products is looked upon as of lower standard. Where, 4-5 years back, people used to go to small shops for purchasing, now they have started avoiding those shops and switching on to the showrooms and factory outlets of branded products. In an typical Indian college, now if somebody is wearing a new pair of trousers, than nobody asks him that from which market has he purchased, but they ask him “which brand is this?”. That indicates how mentality and standard of Indian people is changing. Earlier cities used to be small and streets were very congested, but now as the expansion and development of cities is being done by the development authorities, new and bigger malls are getting constructed, increasing the prices of the nearby land, because of which people get attracted to purchase that piece of land in anticipation of quick profit on sale of the land, which gives pace to the rate of increase in price of land. Now this increase in price attracts people to build houses in that area. In addition to this, housing projects also start at such places providing good, spacey, airy, green and environment friendly colonies. Everybody has now started moving away from the high traffic areas. And to purchase such luxury houses, one needs to have a hefty salary package, and a good car to fill the parking space of that luxury house. After the LPG (liberalization, privatization, and globalization) policies were initiated in India, a large number of MNCs have entered Indian markets, giving employment to a huge percentage of employees. As we all know that Indian minds are most demanded in the world because of their commitment and dedication to the work, so a lot of companies have entered Indian markets. A major change in the living standard of Indians is a result of this move of the government. As people are trying to move away from the old cities, they want their children to take studies with a qualified and a reputed institute. This is also a sign of change in preferences of Indian consumers. As two children from two rich families meet in the school/college or some institute, they discuss about different different products available in the market or purchased by them, and slowly and gradually they start competing with each other, and so they opt for more and more expensive products. In this competition to be more updated than other in terms of fashion, they try purchasing such an brand’s products which has a very good image in market. if we take an example of jeans trousers’ market, earlier people were happy with quality and fashion of indigenous jeans, but now those “in country” manufactured jeans have lost their command over market. This market is now dominated by a few Multi-national brands, such as Levi strauss, Lee, Flying machine etc..
This is just an example of how Indian market is evolving. In actual sense, the impact of this change in market is very large, which is very hard to cover and very interesting to see. If this consumerism will keep on increasing like this, than one day India will be 1st in wastage of resources.
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