Mumbai, Mar 19 (UNI) India is one of the fastest growing consumer markets in the world as over 300 million consumers spend on cars, mobile phones and food among others, marketers need to push consumers towards their brands, according to Third Eye Managing Director Jasmeet Kaur Srivasatava.
''With growth of the Indian economy, the rising rich and middle class is spreading beyond the metros to tier two, three and four cities. This has accentuated the growth in markets of the rest-of-urban-India (ROUI) from beyond the six metros,'' Ms Srivastava said here today while speaking at a seminar on ''101 Markets: India Beyond the Metros''.
On sheer affluence, towns like Chandigarh, Ahmedabad, Jaipur, Lucknow, Indore and Pune are three fourths or more of the affluence of Mumbai. On growth potential they do even better.
The fact that small town urban India is very attractive in terms of purchasing power, time spent on media and product consumption comes across prominently. This phenomenon is called ''The Dhoni Effect''- where the rapidly growing small towns of India are taking centrestage in marketing strategies of India's leading brands.
''Rising affluence levels, increased awareness due to enhanced media penetration improved physical, connectivity coupled with high aspiration levels have spurred growth in small town consumer markets to a level similar to that in metros in the country.
This has led to an increase in volume of higher value brands in traditionally conservative markets,'' Ms Srivastava added.
Speaking at the seminar, Hansa Research Managing Director Ashok Das said, ''Even the media consumption habits are changing.
The past decade has seen developments like degradation of the radio sector, increased reach of TV with content being produced specifically for various regional audiences and rising focus on print players towards Tier two and three cities. This has changed the way media is consumed across the country.
Further, with improved connectivity, infrastructure and spread of retail, marketers are looking to capture their share of the growth pie, he added.'' UNI LS NM AK AS1710