Culture change (Retail sector)
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Cultural factors significantly affect consumer retail and purchasing behaviors in India. As Indian culture has changed with increased incomes, economic growth, exposure to Western culture, technology development, jobs, and disposable incomes, consumer behaviors have also changed. Younger Indian consumers now prefer immediate gratification over savings and are influenced by celebrities, online shopping, and desire higher status goods. Cultural subcultures around religion, age, gender, and social class also impact shopping preferences and how consumers respond to organized retail versus traditional shops.
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Culture change (Retail sector)
- 1. HOW DO CULTURAL FACTORS AFFECTS CHOICE OF RETAILS &PURCHASING BEHAVIORS
- 2. Culture denotes way of living of people, beliefs, values, customs, language, technology, art . CULTURE
- 4. PREVIOUS CULTURE OF CUSTOMERS • Indian consumers believe in savings. • Less job opportunity • Less aspiration for better standard of living • Absence of technology • Lack of infrastructure • Slow economic growth
- 6. CULTURAL CHANGE Increase income of middle level Economic growth Exposure to new shopping culture of west Technology development (internet,T.V.) Job opportunity (BPO, KPO, MNCs) Increase in personal disposable income Plastic money ( Credit/debit cards, coupons) Variety of goods( color, size, design, shape) Urbanization(New malls, organized shops) Youth driven culture( 40% btw 20-49)
- 7. OTHER CHANGES IN CONSUMER BEHAVIORS Changing trend ( bulk purchasing, better status etc.) FDI, online shopping, celebrity influence, freebies Nuclear families Taste and preferences, doesn't mind paying extra Indian consumers want to live present does not believe in saving for future Indian culture value collectivism More information from internet (education) Culture developed from surrounding
- 9. WHY ORGANIZED? • Everything at one place • More concern about quality of perishable products • Affordable range of prices • Offers available • More variety • No chance of getting cheated • Services offered
- 10. SOCIAL CLASS AND SUB-CULTURE AFFECTING CONSUMER BEHAVIOR • People are usually grouped in social classes according to income, wealth, education, or type of occupation. • There is a major difference in the consumer behavior of different social classes. The upper class, for example, has more disposable income and can thus spend more on most products. • On basis of sub-culture it is divided as religion, age, gender etc. eg: Hindus and Muslims are different for all seven types of shopper: the demanding, practical, trendy, traditional, economic, thoughtful and innovative
- 11. THANKS