‘Accessibility & affordability present huge opportunity in rural markets’
By Retail4Growth Team | March 15, 2019
On the 2nd day of the Convention at In-Store Asia 2019, Rajat Wahi, Partner and Head, Consulting-Consumer Business, Deloitte Touche Tohmatsu India LLP, shared his insights on tapping the huge rural market in India.
“Rural FMCG Consumption outpacing Urban one: Which categories to watch out for in 2020?” by Rajat Wahi, Partner and Head, Consulting-Consumer Business, Deloitte Touche Tohmatsu India LLP on the 2nd day of In-Store Asia 2019, brought to light some key data regarding rural consumption patterns and how rural markets outpace the urban markets in terms of potential and scope for growth.
Wahi threw up some interesting statistic: rural income grew by 40%, over the 3-year period – from 2012- 13 to 2015-16, nearly 90% of rural households have a bank account with around 55% reporting savings, annual average decline in percentage of poor more in rural regions than urban regions, etc.
He further talked about the key factors that were driving rural consumption – mobile and internet penetration, greater access to information and exposure to brands, growing aspiration levels, etc. and stressed on the need for brands to tap rural markets in a focused manner through customised communication and engagements.