Last updated : March 15, 2019 3:21 pm
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.
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.