Posted On 2017/07/03 By In Branding, News, Research, Consumer With 34 Views

India is one of top five Consumer Markets in Asia

India is among the top five consumer markets in Asia offering retailers consumer spending growth of an average of 6.1 per cent over the next five years, says a report. According to BMI Research, a Fitch group company, China, Sri Lanka, Vietnam, India and Indonesia represent five favourite consumer markets in Asia, offering retailers the strongest consumer spending growth over its forecast period to 2021.

“Consumer spending in India will maintain strong levels of growth through to 2021, as the country’s positive economic outlook continues,” BMI Research said adding real consumer spending growth is expected to see an average of 6.1 per cent over this five-year period, with 2017 coming in at 6.2 per cent.

Some of the key factors responsible for increase in consumer spending include, increasing access to consumer credit, lower inflation, and a more favourable regulatory environment for foreign-owned retailers bodes well for India’s consumer sectors over the coming years.

The report further said India has a thriving e-commerce segment, with online retail sales expected to continue growing at double-digit rates over our forecast period.

“Due to limitations on the activity that overseas retailers are allowed to undertake, e-commerce has so far been dominated by local firms such as Flipkart and Snapdeal.

“However, Amazon is making a real push into the market and recently announced USD 500 mn investment to roll-out online food retailing in India. Bricks-and-mortar retailers are also beginning to enter the e/m-commerce segment, due to the high mobile penetration in the country,” it added.


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Sources:

Article: BrandEquity / Image: Frederick Noronha

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About

Stefan

Stefan (from Austria, Europe) has been living, studying and working in China since 2010. Stefan has worked on several research, publication and consulting projects focusing on the China Travel Market. He holds two Masters degrees and is an expert on China Outbound Tourism, Marketing and Social Media in China. Stefan works with BMG on the Global Ready China Seminars as well as the Global Ready China News and related projects. He also has teaching engagements in the areas of eMarketing and Tourism Strategy.

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