India’s flourishing consumer markets are largely being driven by factors like favourable demographics, increasing levels of disposable income, positive business environment and supportive government policies. Given the vast size and volume of the Indian economy, the consumer markets include numerous segments such as retail, luxury segment, fast moving consumer goods (FMCG) and consumer durables.
Global researchers have been releasing many forecasts about Indian consumer market segments. For instance, an industry body predicts that the the Indian retail is poised to become a $1.3 trillion opportunity by 2020. With the current market size estimated at $500 billion, this translates to an additional $800 billion in the next eight years. Similarly, the Indian direct selling industry is anticipated to touch Rs 7,120 crore (US$ 1.29 billion) by the end of 2012-13, according to a study by Ernst and Young.
Indian FMCG market is powered mainly by domestic consumption. It has grown at a CAGR of almost 16% in past few years and expected to become a $74 billion dollar market by 2018 from $28 billion in 2010. In the Information, Communication & Entertainment (ICE) age shopping has become a hobby for the new generation. The whole concept of shopping has altered with time, in terms of format and consumer buying behaviour. Thanks to rapid urbanization and sprawling shopping malls, Multi formats of retail stores and huge complexes that have emerged at an ever increasing speed in every upcoming city, retailing has grown into one of the largest sectors in the global economy.
Rising popularity of organized retail, increasing per capita income, rise of rural consumers, recent major economic reforms allowing 51% FDI in multi-brand retail and other Indian government pro industry policy are the key growth drivers for this industry. There is a huge growth opportunity for the Indian retail & FMCG especially in rural market too.
FMCG sector has been one of the most sought after careers for jobseekers and hence one of the most competitive industry in India. One of the key characteristics of Indian FMCG sector has been its resiliency during recession. It was one of those industries which saw double digit growth in employees’ salary and companies’ net profits during those recessionary times. Also, FMCG companies are one of the highest paymasters in top business schools of India.
Retail industry always contributes to creating significant number of jobs in the economy; hence hiring in retail sector has been positive as the sector is growing steadily over last decade. Retail has been one of the industries that offer encompassing career opportunities in various domains of retailing. The present scenario depicts that there will be very high demand for talented manpower in the retail business. It is predicted that retail employers in India will need lacks of people in various specialized areas for retail across the country.