The real buying power is shifting to Asia. India’s burgeoning middle class currently at 300m is expected to grow by 150m over the next 3 years. The fashion, beauty and lifestyle sectors are witnessing unprecedented growth, driven by online channels that are demonstrating 70% growth. Consumer spending is set to multiply 4-fold to a staggering $3.6 trillion by 2020”.
This increase in consumption will be driven by a number of factors:
+ Fast rising incomes of the middle classes
+ Increasing aspirations of a brand savvy young India demanding access to more brands, and products.
+ A widespread media attention and a growing physical reach across India.
This is happening against a struggling backdrop in mature markets. However there remains significant barriers to entry, Brandspoke are in a unique position to navigate the complex Indian market.