India now by no means can be called a developing economy rather it has acquired all the criteria to call it a developed economy. It has huge resources of virgin raw materials waiting to be exploited through modern technology which the country did not possess. But after the adoption of liberalization the new and sophisticated technologies are made available to the country from in-house as well as from across the border. Huge investments are made by many international and national agencies towards exploration of the resources and world class production has started to see the light.
Recent market research conducted by various organizations reveals that a consumerism boom is thriving in the Asian market, more particularly, the Indian market. On an average, the affluent Indians prefer to enjoy better security, good health, nice food and of course a luxurious life style. These have been boosted by stable and improved economic growth. Domestic and foreign investments in traditional and new economic sectors and consequent rising income levels prevalent in the country has infused more and more disposable funds in the pockets of the citizens.
Today, Indians are more aggressive to procure the international brands and have more affinity to undertake cross country travel which in turn has made them familiar with more and more international products and services which otherwise were unknown and inaccessible to them. Moreover, Television and Internet has contributed a lot in demolishing the boundaries, so far as consumerism is concerned. All these ignite the demonstrating effect in the society and the middle and higher middle class which counts huge in number, and, are the main consumer of the market products are polarized for the global goods. The administrative support by way of liberalization and convertibility of Indian Currency also plays havoc to get a hold of some global brands which are even either cheaper or at par with the indigenous ones.
As the social and political environment are conducive for better economic growth, the per capita income are expected to head towards new heights, which in turn will be translated into more spending for acquiring products that may improve the lifestyle and bring greater comfort to the masses.
This has already been sensed by scores of overseas companies and they have already carved a niche for their brands in Indian market. Benefit of better technological development is another area which attracts the masses. Mobiles, PCs, Audio-Video gadgets, automotives, and so many FMCG are now ruling the Indian Market. Psychologically, Indians are not averting to spend more for better quality.
Though probability of stiff competition in near future among the market players may not be ruled out, but the research results exhibit that the boom will certainly going to persist for a few years ahead.