Summary: Changing Indian Car Cars In The 21st Century
2498 Words10 Pages
CHANGING INDIAN CAR CONSUMPTION PATTERNS
IN THE 21 ST CENTURY
PhD Research Scholar:
M S university, Tirunelveli. Faculty, JSPM’S, Jayawant Institute of management studies Tathawade, Pune. email@example.com &
Annamalai Nagar. Tamil Nadu - 608 002 firstname.lastname@example.org Abstract
India has changed and consumption pattern for cars has changed in the last century due to increased competition, car availability…show more content… India's fast-paced economic growth has helped companies to find growth opportunities in this sector.
PricewaterhouseCoopers (PwC) forecasts India market performance in last decade was underpinned by natural demand driven by the country’s economic performance, low levels of vehicle ownership and rising middle class. Low economic growth; along with rising petrol prices and elevated interest rates created strong changes in the Indian vehicle market, and instability in petrol and diesel prices added to uncertainty in the sector. Insightful understanding of the competitive environment is a critical ingredient of a successful strategy.
The following trends in society are having a high impact on attitudes and consumer purchase behaviour in the 21 st century
The nuclear family concept: In India the family is the most important institution and India, is a collectivist society that emphasizes on family loyalty, family integrity and family unity. The Indian family has been a dominant institution in the life of the individual and in community (Mullatti…show more content… As a result, the characteristic Indian middle class consumer is conscious not only of the styles but also about the lifestyle attributes connected to the product, leading to the significant consumption changes.
Increase in Living standard: In a period characterized by consumption many households own the necessities of life .Now with the economic boom, and with consumerism, urban India is fast catching up with the economic growth, and lifestyles have changed
With the emerging trends in consumerism, most of the Indians refrain from purchasing luxury items, as they believe it to be unimportant in their lives but are less likely to reduce their spending on household facilities and lifestyle essentials like healthcare, education and transportation. According to Morgan Stanley study on Asian inflation , Indian consumers feel the time right to invest on cars and properties. The spending habits, especially in the urban areas are moving towards purchase of high priced items