The 100-Year Life Health Education and Government
Two-thirds of India’s 1.4 billion people lack money to spend on discretionary goods and services, a new report has found.
The consuming class in Asia’s third largest economy isn’t “widening” as much as it is “deepening”, says Blume Ventures, a venture capital firm. In other words, the rich are getting richer while their number stays the same.
This trend is shaping the country’s consumer market through what’s called “premiumisation” by which brands double down on expensive rather than mass-market products such as luxury gated housing, premium phones and the “experience economy”.
Currently the segment of the population that can afford goods in this bracket is equivalent to 130 million people, while 300 to 400 million are “emerging” or “aspirant” consumers.
Reaching those people is an enormous business opportunity.
