Middle Class is an economic term i.e. comprising of 400+ million people is the backbone of booming Indian economy, it is an unique mass of humanity not found anywhere else in the world, representative of typical Indian Values (which transcendent regions, religions, castes or tribes, which are by themselves very diverse in India) and are a marketer's dream in today's consumption driven world economies.
1. It comprises of people who are survivors, though somewhat diffident, conservative and mostly conformists.
2. They believe in God's grace and want to hold on to what they have. They are risk averse. More Bank Fixed Deposits than Stocks and Shares.
3. They want secure jobs (preferably government jobs) and have learnt to manage within their means. They have learnt to 'Cut their Coat according to their Cloth'
4. They are thrifty-Indian saving rate at 28% of GDP is one of the highest in the world.
5. They want to give good education to their children and live their dreams through their progeny .They talk endlessly of their U.S and U.K based children while worrying if their children are eating well and not getting corrupted by the outside influence.
6. While justifiably proud of their well-to-do children, they are uncomfortable with girls going out at night and the present lesser clad children.
7. Their daughters-in-law save time by spending money while the mothers-in-law have always saved money by spending more time (cook wholesome food at home rather than order fast- food)
8. They believe in God and are reconciled to their destiny. While they listen to grand plans of their children, yet are always apprehensive.
9. They are getting accustomed to modern technology, but still keep their Fixed Deposit Receipts laminated and safe, trusting the bank and post office pass-books more than internet accounting.
10. They are the products of households where younger children accepted hand-me-downs and always affectionately wanted to get their father's coat altered to their size on growing up. They believe in save and re-use. Today's use and throw culture deeply upsets them.
11. They believe in Value-for-Money.
12. They are best represented by the middle middle-class, who buy branded apparel, but at discount sales ( preferably winter clothing at the season's end, at bargain basement prices) , who go to see movies at the multiplex but in the morning shows at discounted rates, who comfortably fit in (a large family) in a small car (with a large heart).
13. They manage to live in rented accommodations (if possible, government or company provided) and construct houses against Provident Fund and life Insurance loans. They DO NOT live on E.M.I s and still pay cash for their shopping.
14. God Forbid, if the bread earner was to lose the job (which will mean depression and a feeling of disaster ) the homemaker can mange to keep the kitchen fire still burning for a few months by dipping into below -the-mattress-money .In such cases they will profusely offer prayers to the God of their understanding and ultimately leave everything to the Higher Power.
15. They do get snubbed for their middle-class mentality and values by their better-off children and relatives, who want to upgrade their living standards exponentially.
The giant multinational corporations salivating at this large target audience sank in huge amounts in standardized shopping malls, which have attracted foot-falls and eye-balls, but have seen flat sales, in fast-food chains, which struggled till they brought the prices down and customized their food offerings. Ultimately the global consumer goods giants recognized that the middle-age middle-class person still drinks the cola or lemon drink from a bottle, will buy a car based on fuel consumption and will take a cautious and conservative route. Of course the Corporations are lucky in so far as India has the youngest population in the world and hence cold drink cans and flat screen TVs have a chance.
In the global economic meltdown of today, India is relatively safe due to our conservative and cautious policies and the stoic middle class values, with deep faith in the Higher Power.
Kanika
