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Future Watch Signal Series: Consumer trends in India

India is expected to be one of the key markets where future growth will emerge. The growth will be primarily driven by a favourable population composition and increasing disposable incomes. India is expected to reach USD 2374 GDP per capita by 2023. Consumer spending will increase in food, housing, transport and communication as well as consumer durables. Some interesting future sectors will benefit, such as sports and electric vehicles. The attached material takes a look also in such consumer related trends as cashless payments, data privacy and AI and technology in consumer businesses.

The attached material studies future consumer trends in India in such areas that are traditionally not seen as opportunties. For instance sports sector has not been given a lot of importance. But the landscape is changing rapidly and by 2022 India will need a million sports coaches and trainers. With rise of sporting leagues beyond cricket, a huge market is opening up.

As part of its commitment to the global climate change initiative, India has set a target of 6 million electric vehicle sales by 2020. Public transport and personal vehicles, both are rapidly gearing up for an electric future, with focus on solutions for tackling 'range anxiety', innovative battery swapping mechanisms, and charging infrastructure.

India is also moving into cashless economy. With a smartphone user base of 340 mn today (swelling to 400mn by 2025 and 800mn overall internet users), a new economy is taking shape with payment banks, peer-to-peer lending, chat based payment systems and voice-concierge for Fintech in Indian languages.

Relevancy for Finnish businesses

All new consumer trends open future opportunities, from sports to fintech and from electric vehicles and infrastuctures to data privacy and artificial intelligence, please see the full report here.

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