Bloom & Gloom-Consumer Trends of 2015
The middle class is expanding, and so is their income and spending power. The youthful population is on the rise too-which means many vibrant spenders for the Indian economy. After its economic downturn, Indian economy has resurged-owe it to the Modi influence, or the political stability-Indian economy has been the strongest in decades. The eastward movement to “Chindia” (China & India) of the world’s economic centre has further fueled this bloom. “Chindia” may sound similar to the Hindi word for a stingy person-but these consumers aren’t stingy, but conscious and careful. The revisal of long standing trends of these consumers was a concern for many. Different times demand different strategies. We are in the blooming period, but gloom does wander over our heads. Post the economic low, the consumer is aware of the tough times he has faced. He has become more considerate while spending. This has shaped his buying behavior, and that in turn led to reshaping the marketing strategies.
Come 2015, the New Year has brought new trends with it. The dominant trends one needs to keep in mind while designing the marketing strategies for New Year are as follows.
Family comes first
Despite the tightening wallets during the gloomy period, family togetherness did not take a backseat. Instead, the consumer creatively tried to handle his spending-and did not act miserly while spending for his family. Family became the source of joy during the tough economic times. Thus, marketing activities which are family-centred will get positive reactions-during bloom & gloom.
How premium is premium
The economic gloom has made the consumer conscious of his spending. He won’t be fooled by the namesake premium packages which offer barely anything which is premium. Consumer now demands to know the benefits of premium offerings over the regular ones. He is willing to pay more and give you his acceptance if you give him a reason to believe that the premium offering is actually premium. So, relevant premium offerings should definitely be part of your marketing strategy.
That’s a deal!
The consumer is actively seeking good deals. The tough economic times have made him realize that a rupee saved is a rupee earned. The consumer will determine his spending according to the deal he will get. It is not surprising that many Indian consumers have started shopping online, after growing out the initial fear, for the discounts they get there. The consumer doesn’t mind not being brand loyal if he is getting a good deal from your competitor. Hence, promotions will be a good way to steer ahead of the competition. Offer them good deals, make sure they buy your brand compulsively.
Consumers will spend keeping the future income in mind. Also, future relevant offers from companies will take adequate share of consumer spending. To reap more benefits you need to communicate how fitting your product or service is in the future, since he is being future ready since the gloomy period.
Staying healthy and safe
Health and wellness is another trend shaping consumer preferences and shopping habits. Many global and Indian food and beverage brands have embraced this trend and are focusing on creating new emerging brands in health and wellness. Also, consumers will prefer safe instruments and avoid the riskier avenues. Consumers will invest in areas which maintain and enhance quality of life.
The above consumer trends suggest that the consumer now is extremely cautious, conscious and alert while spending. It is extremely important for him to invest his money on the right product/service-with its relevance in the future intact. Marketers need to keep these consumer trends in mind while catering to their needs via their products/ service.
Comment below and let us know if these consumer trends are relevant to your marketing strategy.