How urban Consumers are Earning, living, spending, saving; What they own.
An exclusive pitch-imrb analysis of the urbanscape 2009.
As India Inc battles out the slowdown with innovative marketing strategies, and in some cases have succeeded in turning the adversity into opportunities, we thought it proper to come out with this Marketers’ Guide to Consumers and Market.
This special Pitch-IMRB analysis of the changing consumer scape details the urban consumers, especially their market-specific behaviour. Drawing on the exhaustive data from IMRB International’s second edition of the UrbanScape 2009, this exclusive study looks at how urban India lives, earns, spends, entertains, and what it owns. Besides, it also extensively profiles women and sheds light on the rising aspirations of the great Indian middle class.
One of the most prominent trends has been a visible 10 percent rise in the average monthly household income at Rs 8,682 during the research period (2005-07). Of a total universe of 65,671 urban households studied, wages and salaries account for 75 percent of the income. This testifies the fact that most urban expenses are planned and fixed. Interestingly, kiraanas are found to be the place where 43 percent of the total spends happen.
Although loan uptake rose by 4 percent during 2005-07 to reach 18 percent, still it has miles to go.
More important, the aggregate household savings has also moved at a glacial pace with 50 percent found to believe in saving. At the same time, household expenditure rose by 33 percent during the reporting period. While medical expenses shot up by 120 percent, those on insurance and investments too rose by 36 and 43 percent, respectively.
Also, the study finds women becoming more confident and outgoing, and largely controlling purchase decisions. Improved employment and literacy rate has made 35 percent women to prioritise achievement over other things. However, 38 percent women are still influenced by pester impact.
As the urban juggernaut rolls on, more and more individuals are turning better informed, more trendy, financially conscious and career-wise. While 42 percent are optimistic about future, 35 percent wish to get at the very top in career and 33 percent aspire to start their own businesses.
A society on the move! Resultantly, an entirely niche market segment has emerged, warranting needful attention.