Globalisation and its Impact on Indian Consumer Behaviour

“I think the most important reason for our success is that very early in our quest into globalisation, we invested in people.

-Azim Premji

India's economy has grown drastically since it integrated into the global economy in 1991. It has a drastic impact on India's economic condition. Its average annual rate has grown from 3.5% (1980 –1990) to 7.7% (2002–2012). That rate peaked at 9.5% from 2005 to 2008. Economic growth has also led to increases in the per capita gross domestic product (GDP), from $1,255 in 1978 to $3,452 in 2005, and finally to $8,358 in 2022.?

Integration of countries worldwide-

People engaging in the process of trade is a tradition for any growing economy. People from all over the world have purchased and offered products to one another at great distances, for example, through the celebrated Silk Road across Central Asia that associated China and Europe in the process of trade during the Middle Ages. Similarly, for quite a long time, individuals have invested resources into ventures across different nations. Traces of globalization have been predominant even before the First World War in 1914.

Globalisation chasing new limits-

Globalization has revitalized, as countries move ahead limitlessly, concerning trade exchange approaches. The rapid development in data innovation, accumulation of unfamiliar brands through media and correspondence channels is further improving globalization. It has impacted financial, political and social connections across nations. It causes primary changes in the economy, modifies buyers’ inclinations, and way of life.

Technology-enabled world benefiting the buyer-

With the new influx in technology, the web and media-based firm-level model clarifies the corporate responsiveness concerning industry patterns from a financial point of view and authoritative conduct. The major business sectors show high potential for firms to continue their market culmination by focusing on the enormous purchaser fragment. Accordingly, firms remain buyer oriented and assemble their establishment on interpersonal relationships to create intuitive showcasing strategies.

Factors affected by globalisation-?

Customer behavior, social factors, and conditions are the subjects of much exploration and reflection when it comes to globalization. Views in this regard have changed drastically over the years. In any case, what stays unaltered is that globalization has always had an impact on one’s shopping choices. Without a doubt, the advancement of a market economy, the continued cycle of globalization, mechanical advancement, and rising expectations for everyday comforts have transformed the purchasing culture.

Globalising Indian consumer’s choices-

Globalisation and greater competition among producers—both local and foreign—have been of advantage to consumers, particularly the well-off sections in the urban areas. There is a greater choice before these consumers who now enjoy improved quality and lower prices for several products. As a result, these people today enjoy much higher standards of living than was possible earlier.