Understanding the Trends of Indian Consumer Market and its Possibilities

The Indian consumer market is evolving rapidly, influenced by urbanization, higher income levels, and the development of new urban lifestyles. By 2025, India is set to become the fifth largest consumer market in the world. One of the most significant trends shaping the Indian consumer market is the rise of e-commerce. Online shopping, or E-tailing, has seen a surge in recent years due to its unique advantages for both consumers and retailers, such as round-the-clock shopping facilities, reduced overhead expenses, and a wide range of product offerings. In fact, the Indian e-commerce market is anticipated to increase from US$48.5 billion in 2018 to US$200 billion in 2026. Sustainability is another key trend influencing consumer behavior in India. The psychology of fashion, for instance, is moving beyond clothing's impact on the individual to consider the impact of many other products that express self-identity. This shift is driven by factors such as conformity, desires for variety seeking and the need to express personal creativity. Technology is also playing a crucial role in shaping consumer trends. The rise of e-commerce and e-governance is a testament to the impact of technology on consumer behavior. With advancements in technology sharing, usability, integration, web applications, and remote wireless connectivity, India's GDP and macro economy are on the rise. In the telecommunications industry, there has been a substantial increase in data usage during the pandemic, as people rely on online communication tools to stay connected. According to the Telecom Regulatory Authority of India (TRAI), the monthly wireless data usage per subscriber grew from 11.6 GB in 2019 to 12.1 GB in 2020. Additionally, broadband subscribers rose from 661.94 million in December 2019 to 726.32 million in December 2020.

The e-commerce sector in India has shown tremendous growth in recent years, supported by a growing internet user base on mobile phone devices. The Indian e-commerce market is anticipated to increase from US$48.5 billion in 2018 to US$200 billion in 2026. The increased use of smartphones and the internet has led to this growth. In the telecommunications industry, there has been a substantial increase in data usage during the pandemic, as people rely on online communication tools to stay connected. According to the Telecom Regulatory Authority of India (TRAI), the monthly wireless data usage per subscriber grew from 11.6 GB in 2019 to 12.1 GB in 2020. Additionally, broadband subscribers rose from 661.94 million in December 2019 to 726.32 million in December 2020.