In India, one-third of the residents belong to less than 35 years age category. The youth power is the main reason for consumer expenditure. They have helped to easily come out of various slowdowns like demonetization, drought, and rural distress. It is helping the economy to prosper. Moreover, the trend also accords with the remarkable rise of technology, smartphones, and social media in the last ten years. Such rapid changes in the customer market have resulted in a great upsurge in per capita revenue that is from Rs. 29524 (2006-07) to 103219 (2016-17).
The growth rate is estimated to be 8.3 percent.
Apart from this, more and more Indian joint family structures are splitting into nuclear families. The increase has been in rise especially in the last twenty years. The consumption of nuclear families is high when compared to living in joint families. They spend about 20-30% more than the joint families. The availability of information through the internet has helped people to purchase products easily. The consumers are making informed purchases in a smart way.
It is a great move to start business in India as there are sufficient consumers for all the fields. If you are planning to start a new business, you need to visit http://www.spencerbusinessassociation.com/infrastructure-required-starting-business/.
