~ MAPIC India convention concludes 2-day deliberation on changing consumption preferences ~
Mumbai, September 16: Amid the rising online and digital consumption rise in the post pandemic era, buying of wedding ornaments in India continues to be in physical mode.
Speaking at the concluding session of the two-day MAPIC India 2022 convention, formerly IRF (India Retail Forum), Sunil Nayak, CEO, Reliance Jewels pointed out that buying an odd ring, earring or pendant online is fine, but when it comes to wedding, Indian consumers are seen at the store.
By rough estimates, Asia’s third largest economy is expected to witness over 1 crore weddings annually given 6 crore seekers out of the 50 crore unmarried people in the country.
India has witnessed a rapid change in online buying during the pandemic and subsequently in the post pandemic era – be it grocery or lifestyle.
“Customers are more demanding as no one wants to buy me-too products. But managing inventory to churn out the maximum return on investment holds key,” Nayak said.
Participating in the panel discussion, Rajendra Kalkar, President (Malls), The Phoenix Mills Ltd. – that operates nine operational malls of over 640,000 square feet in Asia’s third largest economy, said, “The conflict between physical and digital consumption has evolved from the rapidly tech savvy customer across the globe that has bought disruption to retail and real estate.”
India’s overall consumption, estimated at USD 700 billion annually and estimated to reach USD 2 trillion by 2032, has been driving investments in real estate since 2012, with pension and sovereign funds at the forefront of it, said Ajay Prasad, Managing Director, Taurus Investment Holdings – a global private equity firm quoting market reports.
“With 70 percent of India’s GDP coming from consumption, retail is the vehicle for large institutional investors to play consumption story here,” Prasad said.
The two-day MAPIC India convention was attended by the captains of the retail industry across the spectrum with vibrant deliberations on the outlook ahead in the post pandemic era. The conclave was also supplemented with an exhibition of prominent retail, food and fashion brands that are on the verge of expanding their footprint in the country.