A bold outlook of ongoing growth around the consumer was delivered by a trio of Nielsen executives to Indian business leaders in New Delhi today.
“Emerging markets will grow 50 percent faster than the developed world in the next five years,” said Piyush Mathur, President, Nielsen India.
“A third revolution is taking place right now—the Demand Revolution. It is all about people and they have the power to make changes in a big way,” Mathur said.
Speaking at the opening of Nielsen’s Consumer 360 conference, Mathur said consumer change would have ramifications for branding. He said in the past, brands were like teachers—people aspired to be like them. Today, he said, the opposite was true as brands were forced to find new ways of engaging with the consumer.
And, finding that “first-time” consumer may never be more important than it is today. “India is one of the most exciting markets and it will continue to be for at least another decade,” said David Calhoun, Chief Executive Officer, Nielsen. “India is at the center of controlling its own destiny.”
Understanding shopper dynamics and how the retail trade environment is different in each country is at the heart of tapping unmet consumer demand. “Shopping decisions are being formed in social neighborhoods and they are happening in virtually every country in the world”, Calhoun said. “It is big and it is important. E-commerce is built around a connected life.”
“Growth aspirations in India are great—double that of the developed world,” said Justin Sargent, Managing Director, Nielsen India. “As affluence increases, shopping habits change—especially among rural and middle-India consumers.”
Sargent pointed to a series of key questions: How is modern trade changing and what does that mean for private label development? What is “Indovation” and how can I develop products that are both relevant and sustainable? And how do I better engage with consumers in the digital space?
Sargent said positioning products aligned with the needs and desires of consumers was the way to long-term growth.