SHORT NOTES: CONSUMER CONSUMPTION OF INDIA VIS A VIS WORLD

You would think that the current slowdown is hampering consumer consumption trends in India. But it does not appear to be so. As per a survey conducted by Accenture and published in the Mint, Indians have emerged as the biggest spenders on consumer electronic products. The survey shows that 18% of the respondents from India spent over US$ 3,000 on electronics. On the other hand, only 6% of the respondents spent as much in the US, France, Germany and China.

The survey covered 19 different consumer technologies, including smart phones, high-definition television sets and computers. Global consumer electronics companies are seeing the immense growth potential that emerging markets like India hold. Little wonder then that they want to set shop in the country. And the buoyancy means that domestic players also get the opportunity to do brisk business. So agricultural production may have been hampered. Food prices may have risen. But that has not deterred the average Indian from splurging on consumer durables.