McKinsey Global Institute has published a report on consumer growth in India over the next couple of decades. Unsurprisingly, there’s more good news for marketers. Of course, the assumption being, the Indian economy would continue to grow at a decent pace.
MGI’s analysis shows that if India continues on its current high-growth path, over the next two decades the Indian market will undergo a major transformation. Income levels will almost triple, and India will climb from its position as the twelfth-largest consumer market today to become the world’s fifth-largest consumer market by 2025.
Apparently, China has got it’s own share of good news.
As the incomes of the new middle class rise dramatically, China will become the third-largest consumer market in the world by 2025. A key characteristic of China’s new middle class will be that these households will begin to spend a larger proportion of their income on discretionary items, thus significantly changing the patterns of spending in the economy.
And finally, here’s an interview with Jean-Luc Chereau, the President of Carrefour’s China business, about his experiences in setting up shop in China (registration required). Several insights into how the French giant moved into the Asian region and adapted to the local needs. Highly recommended.
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