Consumerism and Lifestyle self-consciousness
The feeling of having arrived at a place they are worthy of or at least getting a feeling that their aspirations are matched one on one, are some of the messages that the faces of young and middle-age consumer convey.
One starts wondering whether we really have such a large number of consumers of lifestyle products. I have been a frequent visitors to shopping malls in Delhi/NCR, courtesy my 5 yr old son who finds some play areas and clean smooth floors to run around and a wife into lifestyle products business, and since I have a habit of observing how people behave and what/why they do certain things under a given situation I have cooked something interesting to share with you all here. Not that you have not seen or experienced this before but just that I thought it worth writing here and evoke your response whether what I have observed is correct.
The outlets in these malls can be classified into three categories-
1. shops like Big Bazaar, Pantaloons, Peter England, Vishal Retail, Reliance Trendz, Jumbo Electronics, where there is something for all the classes and for the masses truly,
2. branded outlets like Van Heusen, Tanishq, Wills Lifestyle, Arrow, Park Avenue, Provogue, Shoppers Stop, Westside, and many of those Ladies designer suits outlets, and those imitation jewellery sections, and
3. the truly global fashion & lifestyle brand outlets like Debenhams, Mango, Marks & Spencer, Tag Heuer, Rado, Boss (Hugo), Adidas, Reebok, Puma, and such outlets selling decorative pieces, furnitures, cosmetics, herbal care products, etc.
Actually we can have 4 classifications if we also count Food Courts and Multiplexes, and logically we should as indulgence in these two also mark as lifestyle oriented actions. And no points for guessing that these two format do highest business in terms of number of guests and in terms of revenue v/s operating costs.
Lets not discuss which class of the stores earn best profits, lets just focus here which class of stores do maximum billing. Because we are discussing here about a change in the mindset of buying class, and what motivates one to buy a particular thing.
One might question if such large numbers of branded clothing stores and sportsgears shops attract so many potential buyers that help them open and sustain so many stores in each of those shopping malls. The justification or explanation is that these branded stores are owned by promoters or firms having sound financial bases and have proven business models (low cost outsourced localized manufacturing and strict quality control). And yes, visibility is very important else it doesn't take too long to fade away from customer's memory.
As we can easily see, its the first kind of stores that get maximum footfalls and maximum genuine buyers as well, and this is the format that everyone's eyes are focused on as it affects growing huge mass of middle-class consumers. And also because such big corporates are involved which makes the back-end war so interesting. And also because our sentiments are still with our neighbourhood provision store who comes to our rescue every now and then when we need a bread or bun or a pouch of milk or our favourite masala ingredients without which our veg or non-veg dishes simply can't be prepared.
We Indians still have this habit of eating everything or at least most of the things freshly cooked un-refrigerated. And there is thus such a tug-of-war in the growing market-savvy middle class consumer whether to shift their loyalties entirely in favour of the Big Bazaars and Reliance Fresh, or remain dependable on daily basis on their neighbourhood uncleji.
You must be wondering what the 3rd category of shops target at an what are their plans in India. Many of us Indians feel we are untouchables in the eyes of these store owners!! Many analysts say it will take another decade or so before stores like Debenhams start earning any money in India, because we have still to graduate from Lakmes to Revlons, so Gucci, Chanel and Estee Lauder dare not provoke our emotions!! But these stores too have few committed buyers in cities like Mumbai, Bangalore, Delhi etc.
But the middle class and the upper middle class people need not be worried about these developments. All of us are in this market which looks quite messy but the consumers take very well-thought of decisions when they really have to, and its a serious decision, of course. And the huge population of young generation has realized that it is possible to pursue and achieve a dream in India today. And it is this aspiration of the potential buyers that the business owners are betting on.
And as we get on realizing our own personal missions and career visions, these mall owners and shop owners will also have their dream realized. But coming to the basic question, we all need to watch out for what we intend to do with the Big Bazaars, Vishal Retails, Westsides, and Reliance Trendzs because the road to next level of consumerism is being paved by them only and it is in the interest of all of us that they get their equations right so as to keep us serving.
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