Predictions are a risky business. But we're bravely venturing again to list the many ways things will change in the future. In these articles, we have industry leaders and experts trying to future-gaze and capture the transformative and disruptive ideas and trends that will 'change everything as we know it' (or not.) In 2022, definitely, maybe
While concerns around new variants of the virus remain, 2022 promises accelerated economic recovery, on the back of a rising vaccination rate; Image: Shutterstock
The pandemic has brought unprecedented changes across the world. People are thinking differently, acting differently, and buying differently. Consequently, consumer product companies have had to reimagine their businesses.
The Indian economy is indicating signs of revival. India's GDP grew by 8.4 percent in the second quarter of FY22. The size of the GDP in the second quarter of FY22 expanded to a level more than what it was in the same period in the pre-Covid year FY20. Continued government spending along with benign interest rates have aided the revival, despite inflationary pressures. While concerns around new variants of the virus remain, 2022 promises accelerated economic recovery, on the back of a rising vaccination rate.
There are some underlying trends that I believe will resonate in 2022 and beyond:
1) Premiumisation, a big opportunity
Approximately 100 million Indian households will be in the upper-mid and high-income groups by 2024. With rising affluence and growing aspirations not just in big cities, but smaller towns too, we expect growing consumer demand for premium products.