'Unprecedented changes' in consumer behaviour ahead: Deloitte

The convergence of economic, demographic, and technological forces will bring about unprecedented changes in consumer behavior.

According to a new report from Deloitte Touche Tohmatsu Limited (DTTL), Consumer 2020: Reading the signs, India as the world's fifth largest consumer market by 2025 and 50 million outbound tourists by 2020 provides significant opportunities for consumer business companies. 

According to Rajan Divekar, senior director, DeloitteTouche Tohmatsu India Private Limited, ''With its large market of middle class consumers and growing purchasing power India is already having a significant impact on the global consumer market across a wide range of consumer goods.       

He explains, "As India's economy gains from strength to strength so does the growth in two- income households giving rise to increased demand for convenience of modern retailing. Going forward, countries like India need to take measures that stimulate consumer spending.''

This is evident from the fact that over the coming decade we will see a rebalancing in the global economy, as countries that previously witnessed economic growth that was fuelled by heavy borrowing and excessive consumer spending move to an era of export-driven growth.

Conversely, countries whose growth primarily came from exporting to borrowing countries will no longer be able to rely on such markets. Countries such as China are likely to shift away from export-oriented growth toward growth driven by domestic consumer spending.