Consumer Behavior in the Evolving Indian Economy: A Study of Trends and Preferences in the FMCG Sector

Consumer Behavior in the Evolving Indian Economy: A Study of Trends and Preferences in the FMCG Sector

1,2 Student, Dept. of M.B.A Digital Marketing, Dr. D. Y. Patil Institute of Management and Research., Savitribai Phule Pune University, Pune (India)

1tanmaybhorpe@gmail.com,2rahulkisnani805580@gmail.com, 3drmayurarunkamble.reserach@gmail.com

3 Student of M.B.A Digital Marketing, Dr. D. Y. Patil Institute of Management and Research., Savitribai Phule Pune University, Pune (India)

Abstract:

The fast-brimming economy of India is the one that is responsible for a radically changed structure of FMCG market. The research plunges into variation of consumers` behavior dominating the business and the studies are being done in major trends and preferences. Growing incomes from pockets, increasing urbanization, and pervasive digital use are results in purchasing behavior of customers in separate ways. This study seeks to trace the tendency of consumer choices assumed to be shifting toward expensive niche, a condition where people prefer to buy food and other care products that are of high quality and organic. The consumer is putting health and wellness first now, consequently which is the reason for selling functional foods and also natural cleaning goods. The emerging nature of concern for the environment also plays an important role as the public tends to support products that have packaging that allows for environment conservation or ones that are aquired with eco-friendly sourcing methods.

In addition, study considers the influence of digital revolution on customer touchpoint that. The creation of e-commerce platforms that have popularized online shopping, particularly in cities, has brought about an increase in the number of overseas purchases. Over the time social media has become one of a most powerful tools for brand discovery and influencer marketing; in order to stay competitive brand managers must adjust digital marketing by integrating online social media channel and online targeted advertising. However, this study acknowledges the underlined gap between the rapid urban consumption and the rural area consumption. People in the countryside, who pronounce bargain for prices, may opt for cheap method of acquisition instead of premiumization.

Finally this field of study finishes that giving essential tips for FMCG organizations in order to cope with dynamic environment of the market. Among the ways how to do it are offering of goods and services that are able to respond to needs of the evolving consumer behavior and expectations, providing the data-driven marketing methods for the purposes of focused outreach and making an attempt to cover all shopping outlets, including the online ones, to provide the consistent customer experience. Another component inclusive of brand credibility and its importance in the long-run is not only being transparent and highly committed to sustainability but also on social responsibility which is becoming more popular in the market.

Keywords:

Consumer Behavior, FMCG, Evolving Economy, India, Trends, Preferences, Premiumization, Health & Wellness, Sustainability, Digital Marketing, E-commerce, Social Media, Rural/Urban Consumption.