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Shopping – The new age fun

HNF Bureau

August 16, 2007

Boom in the retail sector has brought a total change in the shopping experience. These days, shopping is not just a necessity but something one loves to experience and takes as leisure time fun. With the advent of mall culture, shopping has become the mania of many. Unlike the typical Indian haat or a crowded market place wherein one has to struggle hard to get the required items from the busy venders, shopping these days has become cool and comfortable till the wallet is exhausted.

There is increased sophistication in the shopping pattern of consumers that has resulted in big retail chains coming up in most metros; mini metros and towns. Change in taste and preferences have led to radical alteration in lifestyles and spending patterns of Indian consumers. So the new age companies have made themselves more dynamic and proactive while responding to the ever-changing trends in consumer lifestyle and behavior.

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Looking at the changing habit of Indian consumers, known world over as big grabbers, retail Industry is transforming itself to match the expectations of a customer where he or she would love to spend hours in shopping.

Rapid growth in international quality retail space brings joy to shoppers and shopping malls are becoming increasingly common in large cities, and announced development plans project at least 150 new shopping malls by 2008. The number of department stores is growing at a much faster pace than overall retail, at 24 per cent annually. Supermarkets have been taking an increasing share of general food and grocery trade over the last two decades.

In order to offer with the best environment to the neo shopping maniacs, corporate players are coming up with huge investment plans. Retailing in India is currently estimated to be a USD 200 billion industry, of which organised retailing makes up 3 percent or USD 6.4 billion. By 2010, organised retail is projected to reach USD 23 billion and in terms of market share it is expected to rise by 20 to 25 per cent.

However, such growth in the retail segment has many socio-economic impacts on middleclass indian consumers. The malls and shopping complexes come up in numbers targeting the affluent section of society who want a place where they can spend time in shopping. But once operational, shopping complexes turn out to be the dream places for them who are budget shoppers but infatuated to the modern expensive lifestyle. So the new age shopping concept makes them fall into its grip and shop till they are empty. Many times they aspire to have something that is beyond the essentials and their budget also.

So in a country like India, consumers should be more driven by their needs than simply by others way of life. Even there should be regular consumer awareness programmes to keep the consumers familiar with various developments in retail sector and the pros and cons of it.

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