Indian consumption norms “Just right for the post-bailout era” – Article published in Economic Times by Mr. Narayan Swamy, President, IPSOS Indica Research is summarized hereunder.
Cautioning that, “Consumption is under dual assault. Firstly, due to its bad effects on climate change and secondly because of financial crisis/non-availability of credit”, the author points out further “… consumption had morphed into an Oxymoronic ‘sustainable consumption’ lately because of Carbon foot prints”.
The author states, “…sustainable consumption may be an oxymoron and habitual simplicity is a philosophy the world can live with”. And defending Indian consumer behavior and life styles from that of developed countries and US (in particular) he cites various examples, such as 1) Buying by price and not willing to pay for brand; 2) Longer cycles of replacement of cars, households and other durables; 3) Lower cost of newer product advertising, launch and promotion; 4) Consumer paying less attention to product expiry dates; 5) Consuming water out of taps and fresh food (unlike processed food and bottle water consumes in developed countires); 6) Usage of mass transport systems more often; 7) Reuse of apparels and other consumables, the author drives us to the point that Indian consumption is “…voluntary simplicity” and it is rightly sailing towards “…post bailout era”.
Concluding that, “we should reposition and relaunch the Indian consumption norms” and “habitual simplicity the world can actually live by”.