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IMPLICATIONS
A.
INDEPENDENCE 1969)
The first phase of changing consumerism came with attaining
independence itself in 1947. During those years Indian
consumerism was undergoing the swadeshi movement initiated
by Mahatma Gandhi. The swadeshi movement focused on being
self-sufficient and sustaining our economy on locally made
products. Mahatma Gandhi had the vision of all small villages
earning their living through cotton spinning and farming.
In the era just succeeding Independence it was an appropriate
measure as India as an economy had just found her feet and it
was necessary for the economy to first stabilize and then grow.
While India was building its foundation after 1947,
consumerism did not have much of an effect on the
economy and society as the consumers were looking to
make their ends meet.
The Per Capita income and standard of living had not attained a
decent standard to allow consumerism to make its foothold in the
Indian economy.
A handful of population had an income/salary which could support
a lifestyle allowing consumers to buy over and above the basic
requirements.
The cost of goods was significantly low compared to the 21 st
century prices as the cost on advertisements was significantly
low. The rise of advertising industry came much later both in form
of print advertisement and media advertisement.
B.
LIBERALISATION)
The second phase of consumerism started to beat a hasty
retreat to the growing woes faced by a normal, average
consumer of the society.
By the late 60s and early 70s, India had managed to stabilize
the economy to an extent that it could now stage its focus on
development.
During that era, India was in the grip of license raj, a legacy left
by the mighty British Empire.
However, as the economy grew, consumerism started finding
its gradual marks in the society. Even though people did not
realize that consumerism had slowly entered the productionconsumption life cycle, consumerism had now finally made a
mark on the Indian consumer society.
Consumerism started its journey with a need to raise its voice
against the quality of goods in 1969, first by housewives. Then
it took shape of a revolution at later stage and finally,
parliament passed an act for the welfare of consumers in 1986.
The Consumer Protection Act 1986 had further undergone
many challenges, criticism and even questions on its legal
validity when it was put forth before the Supreme Court of
India. After the case heard accusations, challenges and
constraints from the big business houses, the apex court finally
declared this welfare act very much valid, legal and within the
framework of our constitution.
Since 1986, there have been three major amendments to this
act and also since then the scenario has seen an overhauling
change due to the liberalization and subsequent ending of the
license raj.
C.
It is widely believed that the Indian market will fuel the growth of
multinational companies in the coming years. While most leading
companies are cutting costs in the US and Europe, they see India
as a strategic market, which can fuel their growth.
Two decades earlier, there was not a single Mall in India, but now
we can see the consumerism changing face in India. Now every
major cities are flooded with malls especially the metropolitans.
CONCLUSION
Indians have come a long way from being known as the shrewdest customers
in the world , value factor' very much intertwined with their lives, so much
so that even luxury brands have to devise unique pricing strategies to inspire
the great Indian consumers.
They are family people , giving more importance to nurture and care than
ambition
Winning in the Indian market is about being able to design the right business
machine which can profitably deliver adequate quality at affordable prices to
serve the mass market which is a large base of consumers with modest
incomes but sophisticated needs and demands". They must also give due
recognition to the fact that consumer India is a "federation of different
cultures that just happen to be sharing the same geography."
Indian spending patterns has also evolved, with basic necessities such as
food and apparel declining in relative importance, and categories such as
communications and health care growing rapidly.
But in order for India to achieve these positive results, the country must
continue to reform and modernize its economy, as well as address significant
shortfalls in its infrastructure and education system.
The upcoming changes in the Indian consumer market will create major
opportunities and challenges for Indian and multinational businesses alike.
For example, companies will need to attract and educate large numbers of
new consumers, establish and retain brand loyalties as tastes change with
rising incomes, and introduce high-value products and services at sufficiently
low prices to be accessible to the emerging middle class.
The quadrupling of the Indian market will present companies competing in
India with a critical discontinuity to navigatewho the leaders of this
changed market will be has yet to be decided.
Growth in Indian incomes and consumption will also deliver extensive
societal benefits, with further declines in poverty and the growth of a large
middle class.
REFERENCES
http://en.wikipedia.org/wiki/Consumerism
verdant.net/society.htm
papers.ssrn.com/sol3/papers.cfm?abstract_id=1877744
www.futuregroup.in Future Thought
www.americanessays.com ... Free Essays Marketing
www.quora.com/Consumerism
www.helium.com ... Philosophy Political Philosophy
http://yami-l.hubpages.com/hub/What-are-the-Pros-and-Cons-of-living-in-aconsumerist-society