In their story, the Business Standard mentions that it is a "damning indictment " of Brand managers all around that rising consumer confidence in India does not translate into a skyrocketing demand for consumer durables.
What is the marketing guy to do? If you do not consider the segment termed "aspirational and brand concious' and those with the increasing incomes and bonuses that seems limited to certain sectors and sections of society, for the large part, the Indian consumer is an average guy.
The fact that the Indian consumer is "value concious " is well known. Add to that we live for the most part in small poky houses (which means space is at a premium to buy all those white goods), a "bai" seems to make better economic and social sense than a white good washing machine never mind how 'fuzzy logic" intelligent it is, in a scenario of rising energy costs and cuts which any way does not make much sense. While a cell phone has huge value, a fridge only represents yesterdays or unhealthy food. At best it is a convenience and not a luxury and any good brand will do. Then most Indians drive a scooter or car largely first generation- with fuel costs and road conditions being what it is, it is still not a great proposition.
We save- for children's education, marriage, old age, medical expenses, rainy day, summer day, all days. We spend- on the same items and heads. In the absence of any welfare, social security and medical or health benefits, God forbid, a major legal or medical emergency can wipe out an entire life savings. Consider the condition of the roads, an occasional strike, bomb blast, etc, increasing insecurity of working conditions, as against previously benign employers and general living conditions, all kinds of uncertain scenarios are quite high probability and possibilities.
So you have the young bpo employees who do tend to spulrge on weekends at a mall (with families of course).Confidence makes us happy but also more discerning buyers, and overall.....we are like this only.... Kanjoos.
Have money..won't buy. May his tribe increase.