consumer

a quar terly repor t by technopak

OCTOBER ‘07 / VOLUME 1

india consumer trends 2007

contents
Overview TREND 1
The youth brigade takes charge

01 02

TREND 2
Workforce gender bender

03 04 05

TREND 3
The Golden Oldies

TREND 4
Baby Boomers

TREND 5
An International Indian arrives

06 07 08 09 10

TREND 6
Health is wealth, health is beauty

consumer
©Technopak

TREND 7
Neo-tradition and neo-spirituality

Advisors Pvt. Ltd.

TREND 8
Entertain-me

‘Consumer Outlook’, a quarterly feature is an effort by the Technopak Consumer Team to explore the dynamic changes that are occurring in the industry in India today. With this report we have attempted to provide insight of the trends and the opportunities in consumer market. During the course of this year we will be publishing reports on various aspects of the industry with a specific focus on the diverse opportunities for investment.

TREND 9
Looking Good

TREND 10
Males shopping for food and grocery So what does it all mean ?

11 12

India is at an exciting tipping point in its socio-economic progress that makes it the cynosure of global investors. Several reasons drive this intense speculation and interest in India - a rapidly growing economy propelled by a de-ageing demographic profile, greater affluence, rapid urbanisation, the growth in nuclear families and a self-confidence rarely seen in the so-called developing nations. Each of the above factors (and many more supporting factors) has far-reaching implications for marketers and investors interested in India. These are large scale, sustained and measurable influences that shape people's behaviour and attitudes and ultimately, their consumption We at MindScape/Technopak have termed this phenomenon as the 'India Boom'. This document uses our extensive Body-Of-Knowledge on this vibrant economy along with some recent and rigorous analysis of the micro changes that we see impacting the future of consumerism in the country to provide you with some indicators of what you will doubtless see unfolding over the next decade in this diverse and unique country. The Knowledge Company (TKC) - Technopak's consumer and market intelligence division - has interacted with consumers across the country, analysed data generated by its various consumer studies, Technopak's BOK and from other reputed sources to compile these trends for you. The TKC consumer studies analysed include India Luxury Trends, India Consumer Trends and The Social Values Monitor. Our focus in this document is urban India, the metros and Class 1 towns.
< India is now < Marketers

recognised as a rapidly developing nation

are keen to invest in Indian companies

01

trend 1
< Changes in composition of Indian social milieu

The youth brigade takes charge
< A de-ageing population and a much younger workforce

8 2003 and 2050, India will add about 250 million people to Between its labour pool at the rate of 14 million per year 8 66% (over 740 million) of Indians are under 35 years, and As of today, about 50% (over 550 million) under 25 Years. By 2020, 61% of Indians will be under 35, i.e. about 780 million Indians will be in this age group.
< Equipped with the essentials to make their presence felt in the world

< India has world's youngest population

8 to the National Sample Survey, the literacy rate recorded According an increase of 13.17% points from 1991 to 2001 and literacy in India is likely to touch 75% by 2020. India's increasingly youthful society (the youngest in the world) combined with its rising literacy portends a future in which the world's youngest and largest workforce will also be well qualified. Rising literacy levels also mean that this younger lot will acquire jobs from corporate streams which will in turn have a spiraling effect on their ability to source finance for their lifestyle needs. This will mean the emergence of a new consuming class. The age at which young people start working is rapidly decreasing - from a time when corporate work-life began after post graduation, more youth today are beginning to work straight after their graduation or even after High School. Working at a much younger age not only increases the average disposable household income, it also empowers youth to participate more actively in the process of decision making on household matters and acquisitions. While the financing may still be driven by the chief wage earner, the youth will influence the process. Marketers will benefit from taking this into account when planning consumer interventions.

< highest India has the numbers of intellectual resources

< feels more Urban India confident and empowered

02

Workforce gender bender
< will play a more active role outside the home Women

8 of female heads of households grew by 16% from 2000 The number to 2003 8cities, 72% of teenaged girls want to work after marriage In type-A 8 Working women form 15% of the total urban female population and this is expected to rise to over 20% by 2020 As exposure to the global way of life increases through direct (travel and peer pressure) and indirect means (media), women will strive harder than ever before to become a part of the workforce. While more educated women from liberal households will join the corporate workforce, those from more conventional households will use their entrepreneurial abilities to generate alternate sources of revenue for the household.
< play a more active role in handling money And will

trend 2
< ratio of Increase in working women

< adopting Urban India a global lifestyle

An immediate outcome of this will be a woman's increased motivation to be financially independent. Already in evidence is the fact that almost 78% of the women who work have their own bank accounts. There will be a significant opportunity for marketers to enable the quest for financial independence beyond the standard bank account. After all, having managed the budget of the household, women have an inherent comfort with managing money that will see them wanting to make it work harder for them.

< for Opportunities marketers to attract large number of female investors

trend 3
< growth India's GDP second highest in the world <or over People 60 constitute one tenth of the population < Travel & insurance companies targeting retirees as potential customers < are Old people spending on themselves like never before

The Golden Oldies
Indians today are increasingly more confident and freer in their thinking about their identity. They think of themselves as having identities beyond those of householders. This has led to significant changes in how they lead their lives. Retirees no longer see themselves as having retired from an active role in life, and in fact, see themselves as people who have fulfilled all their responsibilities and are free to do what they want. People over 60 constitute 10% of the population – seemingly a small percentage, but a market of 100 million + consumers – a sizeable one by any account. And today they are active consumers, leading full and busy lives, retired only from their jobs, if that! Retired people are spending more on themselves than ever before, and in fact spend the highest proportion of wallet on apparel (as much as 23%). They spend as much as 21% of their individual spends on financial products and between 11% to 15% on eating out and books. More retirees are traveling nowadays, either to meet their children or to see the world. Savvy companies like Cox and Kings and SOTC have package tours targeted at this age group with activities planned at an easier pace to accommodate their needs. The retired segment is also looking at life differently; from a stage when they would look forward to settling in their home town or with their son, retirees today prefer to be independent while continuing to live in the city in which they have spent their working lives. Retiree communities have sprung up in several cities which plan to unite likeminded people of this age band in gated communities with medical facilities and food service close at hand. Popular culture has also started reflecting this trend. The insurance sector increasingly chooses the benefit of financial self dependence to attract older people. Also older people today no longer shy away from romance or affection as something meant only for the young. Whether it is 'Lage Raho Munnabhai' or an ad for SBI life insurance, romance among older people is also celebrated in popular culture today.

04

Baby Boomers
In the Indian context, we are talking about the millions of children under the age of fourteen who now constitute a huge market for all kinds of products. Children don't just influence purchase decisions in various categories – even 'big ticket' ones like cars or television sets - they are also a huge consumption engine. From categories like personal care to food items, fast food, apparel, toys, books, videos, children are not only influencing but buying. With the growing number of nuclear families, rising incomes as well as doubleincome families, children are more than ever the focus for their parents. There are several reasons behind their growing influence and force in the economy, including the desire of parents to vicariously enjoy the kinds of toys, games and apparel they never had access to, a competitive desire to see their child shine, acceptance of the child's need to assert his or her individuality and express opinions even at a young age, a wish to ensure that the child is adequately prepared for the super-competitive world out there and some amount of guilt. As a result, several categories of products and services are booming, from premium play schools to fast food restaurants, snack foods, toys and games, movies and even books. Some indications of the size of the urban children's market:
< Apparel:

trend 4
< Children influence family bind decisions from cars to holidays

<pre-schools Expensive attracting kids as young as 18 months
The market for children's books has grown from a meager Rs. 3 Crores (USD 800,000) to over Rs.100 Crores (USD 22 million). There are six television channels focusing on kids, from Cartoon Network and Nickelodeon to Disney Channel and Jetix, with advertising revenues of over Rs. 400 crores (USD 88 million). The line-up of on-demand movies by Zee and Tata Sky was dominated by children's films this summer. And it has become part of the summer calendar at multiplexes to feature children's movies during the summer vacations. Interestingly, however most product categories in India are dominated by unbranded products, and the space occupied by brands, especially in categories targeting children is as miniscule as 10%.

Rs.2209 crores, IT Products: Rs.1978 crores, Stationery: Rs.621 crores, Health & Beauty (not including cosmetics or services): Rs.415 crores, Toys: Rs. 389 crores, and many more categories

< 71 percent of parents agreed that their child influences which brand is chosen

while buying TV sets, 70 percent for computers, 67 percent while buying mobile phones and 66 percent on the purchase of a car. In fact, one research study found that 42% of the respondents said their choice of car was solely dictated by their child.
< Indian

kids spend nearly Rs.291 crores as pocket money, as per recent estimates

< Promotions

for many household items have capitalised on this buying power by tying up with popular cartoon characters and other toys.

< According to an international survey, brand loyalty starts by 11 years of age

Premium play schools have emerged which charge as much as Rs. 10,000 – Rs. 2,00,000 per year, and children as young as 18 months old are being enrolled in them. Summer programmes abound include a host of activities, from treks and hiking to art classes and web design. The number of prestigious public schools too is on the rise in the big cities, with annual fees even as high as Rs.10 lakhs, providing facilities like air-conditioned classroom and activities like horse riding, tennis, swimming etc.

trend 5
< Dual income encouraging the trend of non-essential spending < Various countries are launching campaigns to woo Indian travelers

An International Indian arrives
More integrated with the rest of the world <
8.3 million 8 Indians travelled overseas in 2006 and the number of Indians travelling abroad is rising by a whopping 25% each year. Over 1300 8 MNCs have India operations and many MNCs have their R&D based in India The number 8 of expatriates working in India has shot up to over 50,000 over the last 5 years and more multinationals are posting their Indian managers overseas than ever before Indians are traveling more, both on business and for personal pleasure. They travel for a variety of reasons, from visiting family to bonding with colleagues, closing business deals, to experience something unique or just go see the world. The annual holiday which used to consist of a visit to the grandparents/hometown has now become a lifestyle accessory.

< Luxury travel increasingly seen as a lifestyle accessory

With more spending power <
The 8.3 million Indians who traveled abroad in 2006 spent Rs.1560 crores (USD 3.5 billion) on stay, food and shopping. Indians are the highest spenders from Asia when they travel overseas, beating even the Japanese. Many countries around the world have realised the potency of the Indian traveller and are launching high-decibel campaigns to woo the Indian traveller. Moreover, Indian travellers are becoming more adventurous and travelling in search of a unique experience. Cruises are picking up in popularity as are options like backpacking, specialised tours for the aged or women only, and far-flung destinations like Turkey, Peru and Alaska are also now on the radar.

06

Health is wealth, health is beauty
Health is one of the key concerns of Indians today. They are not only concerned about being disease-free but also about maintaining their ability to lead an active life well into old age. With longevity increasing, lifestyle diseases becoming more common and the fading away of traditional family support structures, paying attention to health from a reasonably young age is a form of insurance. The desire to look young and attractive is also contributing to the focus on health. In line with the concern for both health and beauty is the rising focus on fitness. More people today try and incorporate some form of exercise into their lifestyles –even if it is only a morning walk. The more affluent have taken to the gym in a big way. Where once looking like you were from a 'khaata-peeta gharana' was an indication of propserity, today the pendulum has swung the opposite way. Gyms have opened up in the nooks and crannies of large cities and abound in smaller towns too. People, particularly in the large cities, have a reasonable awareness of some of the major lifestyle-linked diseases prevalent in India – like heart disease and diabetes. Many of them are well-informed about the state of their own body as well, particularly men. Annual physical tests are still not very common but are increasingly recommended by corporates as well as doctors and the media. Urban yuppies are demanding organic fruit and vegetables, mixing wheat bran into their rotis and taking to sugar substitutes. Dieticians are doing brisk business as are 'healthy' or low fat snacks. The market for dietetic foods in the country is estimated to be over Rs.1,500 crore with slimming foods growing at 13-15% per annum, and medical foods has been growing at 10 %. One of Hindi cinema's oldest conventions was the adoring wife/mother who, with her own hands, would prepare 'halwa' or 'parathas' or some other fat-laden dish for her son. Today's mums and wives are far more likely to ring alarm bells when their spouse or child becomes overweight and take action. Witness the wife in the Saffola ads, Juhi Chawla in 'Jhankaar Beats' who pesters her husband to stop eating junk food, or the mother in 'Ishq Vishq Pyaar Vyar' who tells her overweight son to stop eating sweets. In fact, the current crop of movie heroes and heroines are all remarkable for their slim, worked-out physiques.

trend 6
< mental Physical and well-being is the biggest concern

< People adopting 'back to nature' mindset
Specialised health magazines like Prevention, targeted at women, and Men's Health are finding a market. VLCC's turnover last year was USD 66 million, and it now operates out of 100 centres all over the country. Revenues from the country's slimming market - including gyms and food supplement clinics - are estimated to be $250 million and growing at 13% every year. Slimming centers alone are expected to grow at 40% to 50%, according to a survey conducted by the AIIMS, New Delhi, which found that 43% of the population of 10 industrial cities - including Delhi, Bangalore and Ahmedabad - is overweight. Far from being considered boring and goody-goody, taking one's health seriously is a sign of enlightenment in these times.

trend 7
< keen on Youngsters following tradition
Buddhism and Buddhist chanting have become more and more popular among people in the cities. There are Soka Gakkai societies in the top metros and some of the smaller cities, and increasing numbers of people gather on Sundays to chant together and learn more about Buddhism. Satsangs too are seeing more and more people, especially the younger generation, joining in. The Art of Living course is highly in vogue, and many celebrities have taken to it, further fuelling its popularity. Deepak Chopra has become a household name even in India, and many urbanites are taking to yoga in a big way. Spirituality and philosophy are growing sections in urban bookstores today, and there are even specialized bookstores which only stock books about spirituality.

Neo-tradition and neo-spirituality
In the modern age of computers and mobiles, tradition still has its place in India, but its easy-tradition. Tradition does not mean conforming to a rigid set of age-old rules laid down by the stern family patriarch, despite whatever popular soap operas might show on television. Rather, festivals and religious occasions or traditions are used as a way to bring the family together, dress up, have fun and teach the children about their culture. Traditions are also changing to reflect the above trend of Baby Boomers. For example, in metros like Delhi, school children have been carrying out a campaign against firecrackers at Diwali for the past few years with significant impact. Modern traditions also mean a way to carry out our cultural traditions in an easy, convenient manner. From pundits who simulcast in Sanskrit and English at weddings to treaty pujas over the internet and websites like shaadi.com, there are plenty of savvy marketers who are catching this trend early. It is even possible to pay someone else to perform a puja for you at Shirdi! The online matrimony business is pegged at Rs.100 crore. Shaadi.com alone has 90 lakh members and 75 lakh success stories. Bharatmatrimony.com has recently expanded into a language-oriented set of sites-gujaratimatrimony.com, bengalimatrimony.com etc. Urban youth in India live in an interesting fusion world. A generation ago, they would have shunned Indian music, looked down on traditions as boring and old-fashioned and protested violently at actually having to participate. But ‘Generation Now’, far from shunning the traditional, welcomes the traditions, festivities and fun. It's back to Dandiya Raas and large scale traditional Indian weddings. Wearing mehndi and getting your hair coloured blonde, jeans with chappals and a kurti are no longer incongruous but cool. Faith in religion emerged as a comparatively weaker value in our Social Values Monitor. However, this does not mean that Indians have let go of their faith in God. Possibly it indicates that the traditional modes of worship no longer motivate people as much and they are leaning towards a new way of finding faith. Troubled by the chaotic world around them and the enhanced insecurity about the future, more and more people of all ages are turning to spiritual practices evolved out of what makes them happy. Many of them are also motivated by the thought of belonging and contributing to something larger than the individual. Feng Shui is becoming a commonly followed practice and Feng Shui experts are finding more adherents. Feng Shui shops are doing booming business and there are scores of them in every major city. Vaastu Shastra has also become increasingly important to people and many builders even advertise their properties as being designed as per Vaastu principles. Reiki, TaiChi and Pranic Healing are all finding practitioners in the big cities. Past Life regression, aromatherapy and colour crystals as well as Tarot fortune telling are enjoying a heightened demand. Aastha, the television channel devoted to religion, has a loyal following and is quite good at garnering sticky eyeballs, as is Sanskaar.

08

Entertain-me
The growing hedonism of our target group is demonstrated not only by their increasing indulgence spending but also in the growing market for entertainment. Gaming, movies, food services, the increasing number of FM Radio channels are all categories which have benefited from the young Indian's penchant for indulging himself or herself. Whether it's a mobile phone or the television, consumers want entertainment at all times. The 'weekend' has come of age in urban India. Weekends see a spurt of enjoyment activities, with malls, restaurants, pubs and multiplexes overflowing with audiences of all ages, shapes and colours. The number of visitors to malls rises three-fold between Friday – Sunday! The number of stand alone restaurants and the variety of cuisine on offer has increased exponentially, from a mere Indian and Chinese to Thai, Lebanese, Japanese, Italian and half a dozen Indian regional cuisines. Industry estimates put the size of the eating out market at USD 5 billion, growing at 912%. And Indian cinema is growing at 18 - 20% annually. Family groups, youth, couples and kids all hang out at popular destinations within the city to celebrate their freedom from routine on Saturdays and Sundays. McDonald's ads show not only children but even old couples indulging themselves in a treat. But only weekends are not sacrosanct for pleasure. Urban Indians are learning to integrate small pleasures into their daily life too. As per The Knowledge Company's India Consumer Trends survey, 30% of working singles eat out at least once a month, with a majority spending about Rs.101 to 150.
< Out Eating

trend 8
< feels more Urban India confident and empowered

< Greater integration of global culture with Indian

< We see culture as an essential part of urban lifestyle
Even in ads and movies, consumers are looking for entertainment and a lightness of touch. Most of the popular ads on television nowadays are likely to be humorous or action-packed rather than dramatic, be it the Kinetic or Chevrolet Spark ad, or the Thums Up ad featuring Kunal Kapoor. The two biggest hits of last year, Rang de Basanti and Lage Raho Munnabhai garnered a massive fan-following for their ability to entertain even while sending a message.

& Ordering In occupies 19% of the Working Singles Share of

Wallet
< Television viewing by youth is as high as four hours a day

Gaming is another category which is seeing huge growth. Young Indians primarily use their cell phones for gaming and the market is estimated to be worth Rs. 400 crores, expanding to Rs. 2000 crores by 2010. Youth are paying between Rs. 50 to Rs.150 to download games into their cell phones. We found that 80% of youth are into gaming, and of those who are gamers, 34% want to play every day. One can also see these changes in the news channel, as they have also transformed themselves from being solely information channels to partly being entertainment channels, by having a dedicated time for entertainment news, be it from the film industry, music world or lifestyle news.

trend 9
< Cosmetic treatments like Botox gaining popularity

Looking Good
Indians in general have started taking much more care of their appearance, be it youth, middle-aged people or the old. The old Indian attitude of restricting pride in the appearance to one's youth has given way to an attitude that one must look the best possible at any age. This has influenced many things about the consumer's lifestyle, from the way they dress to the brands which they wear, the care they take of themselves. From cosmetic treatments to plastic surgery, middle-aged and older people are doing more to look and project themselves as young. The market for antiageing related products is growing at around 20%, second in line after fairness products. The hair colour category has been growing at a fast pace, with the consumer's desire to hide the greys. Botox already has several adherents among both socialites and corporate executives today and expects to grow at a rate of 35% in the Indian market. Cosmetic brands like L'Oreal have launched their international ranges of OTC cosmetic supplements in India, like the Wrinkle-Lift which instantly injects collagen into fine wrinkles to smoothen them out. Men too are increasingly spending more time and money and putting more effort into their appearance. The number of male fashion brands has shot up, and the Men's ready-to wear segment accounts for a high 61% of the total Men's market. The market as a whole posted a growth of 13% over 2005, while the Women and Unisex apparel market share grew by 15%. L'Oreal's Expert men range which launched in 2005 in India also had great offtakes from day one, and sold a reported Rs. 12 million worth of these products last year. A new fairness cream called ‘Fair and Handsome’ has been launched targeting men. There are several salons in the big cities which not only offer the usual hair cut and head massage but also manicures, pedicures and facial treatments for men. The incidence of men colouring their hair is also increasing. As per Euromonitor estimates, the market for men's grooming products is expected to touch USD 320 million by 2011. The spending by youth on appearance has been growing by leaps and bounds and the number of product categories they spend on has also been expanding. A recent lead article in a newsmagazine has discovered that pre-teens are a huge market for the beauty and beauty-services industry. Films like Baghban and ads too increasingly have more stylish looking people of all ages. Magazines for women particularly reflect this trend, with specialised magazines like Elle which focus solely on fashion. Most other women-oriented magazines also have large sections on fashion, make-up, accessories and the latest global trends.

< Men spending time and money to groom themselves

<anti-ageing Market for products growing at around 20%

10

Males Shopping For Food And Grocery
Typically in the North, West and South of India, shopping for food and groceries has always been a female domain, and it was only in the East that men shopped for these items. The rise of modern retail has, however, seen an increase in the incidence of men shopping for food and grocery. This has some interesting outcomes for the household and for marketers. Managing the household budget has always been one of the key performance areas for the Indian housewife. She prides herself in being able to manage a great home and excellent food for her family while sticking to a carefully set budget. She will evaluate promotional offers, discounts and then make a considered choice from her set of considered brands. However, when the male head of the household goes shopping, sticking to a budget is not something he considers a priority. Since he is the main wage earner, setting or stretching a budget is easy for him to do. Therefore, the food and grocery budget tends to be more notional as more men shop for these categories. Secondly, male shoppers typically hate shopping with a list. It has become a common sight in modern supermarkets to see men standing in front of a rack of merchandise and calling their wives on the cell phone to check what exactly is required. Thirdly, since they are neither budget driven nor shopping with a list, it is far easier to tempt male F&G shoppers into indiscretions of the impulse-purchase variety. Male shoppers are far more likely to return home with a shopping basket that includes items neither they nor their wives intended to be purchased when they set out for the store. Fourthly, male shoppers, like male drivers, hate asking for directions. Women are more used to food and grocery shopping and find it easier to navigate these stores. Moreover, the placement of items in a supermarket is done keeping a female shopper in mind, and therefore the groupings of categories are such that a female shopper will intuitively be able to find her way around. Male shoppers do not have the experience and therefore are more likely to get confused in supermarkets unless the signage is loud and clear. Thus, configuring a supermarket targeting a female shopper is a very different proposition from configuring it aiming at the male shopper. Now that more males are shopping for food and grocery, supermarket design needs to take their needs into consideration while designing the layout, the flow as well as the displays and instore communication, so that they can get the best out of the shopping experience.

trend 10
< Grocery shopping has always been a women’s domain. < Male shoppers buy on impulse while women shoppers are budget driven. < Supermarkets are designed keeping women shoppers in mind. <of modern In the age retail, men emerge as the new grocery shoppers

So what does it all mean?
There are several contradictory forces at work at the same time, resulting in a consumer who is trying to balance several things at the same time. The new Indian is far more confident of himself, of his country, of his future. At the same time, the erosion of joint families, the move into non-pensionable jobs and the increasingly consumption-oriented lifestyle he currently leads and would like to maintain into the future are anxiety factors. On one hand is the impetus for enjoyment – be it travel, appearance, doing up the home, buying technological gadgets or just enjoying one's retirement without going into a hermit-state. On the other hand is the need to plan for a future in which he or she will not be supported by their children but be living independently, so financial planning for the future, maintaining health are key concerns. There is greater integration into the modern, global environment, be it in terms of lifestyle, clothing, food or entertainment options. At the same time, there is the counter-pull towards maintaining the uniqueness of an Indian identity and following Indian traditions in a way that does not conflict with a modern lifestyle. There is increasing careerism – people are starting to work at a younger age even in middle-class homes, they are spending more hours at work than before and in a hire-and-fire environment where results matter. So while earning power is higher, it comes with higher stress. Therefore, we are seeing the beginnings of a countermovement towards a search for spirituality.

“Air India”

“Ground India”

“Roots India”

These three Indias are a result of large scale transformations at work in India. Marketers now have distinct opportunities to target at each of these three Indias by taking note of the trends driving this super trend. Recognising these contradictory trends and finding creative ways to leverage them is the challenge ahead of marketers in India today.

To summarise the trends we have spoken about : 8 The consumption impetus - resulting in the emergence of new segments 8 The enjoyment impetus - leading to the growth of new areas of spending 8 identity impetus - and, consequently, the growing pride in India The Indian and the new importance of traditions The future-planning impetus - leading to a focus on health and spirituality 8

And finally, the super-trend to watch out for: The emergence of three Indias – 'Air India' , 'Ground India' and 'Roots India’ We would like to use the well-recognised, ubiquitous Indian Railway berth to exemplify the new Indian socio-demographic composition. Much like the three tiers of the railway berth, there are three distinct Indias on display to anyone who looks closely – the upper berth being the international, entrepreneurial Indian; the middle berth being the aspiring, silicon city Indian and the lower berth being the grassroots, middling Indian.

12

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consumer

Mindscape Preeti Reddy, Vice President preeti.reddy@technopak.com Tara Prabhakar, Associate Director tara.prabhakar@technopak.com Priyadarshini Narendra, Associate Director priyadarshini.narendra@technopak.com T: +91-80-40348600 F: +91-80-40348699 E : mindscape@technopak.com www.technopak.com