The Future of Consumption System Initiative of the World Economic Forum explores how the rapid pace of technological advancement can drive enhanced models of consumption, with sustainable benefits for business and society across developed and emerging markets. Over the next decade, the shifting global forces, the one billion first-time consumers and the Fourth Industrial Revolution will continue to change the landscape of consumption in fast-growth consumer markets that are surging: China, India and the ASEAN region.
In 2017, Bain teamed up with the WEF in support of its multiyear project "Future of Consumption in Fast-Growth Consumer Markets," endorsed by cross-industry CEOs and the Board of Stewards. Its purpose: to develop a 10-year perspective of what consumption in each focus market will look like, including potential scenarios and relevant calls to action for consideration by business and policy leaders to ensure sustainable business and inclusive societies.
Following on the 2017 study on China, Nikhil Prasad Ojha led the effort on the India module in 2018. India is one of the fastest growing economies in the world. It is also one of the most diverse, with 29 states, 22 official languages and thousands of regional, spiritual and cultural communities. The confluence of a vibrant consumer landscape, robust economic growth, greater connectedness and policy reform in India will create a massive opportunity for businesses for many years to come.
Building upon in-depth consumer surveys conducted at more than 5,100 households in 30 cities and towns of India, across all key demographic segments from both sides of the digital divide, the report provides rich insights into India’s present and future outlook around drivers of consumer spending, sources of purchase influence, online consumption behavior, attitudes toward brands and new technology-enabled consumption.
The report highlights the most significant implications for businesses that aim to thrive in India over the next decade. The findings were presented in a closed-door session at the Future of Consumption System Initiative Stewards meeting during the Annual Meeting in Davos of the World Economic Forum in January 2019.