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Sourabh Mishra
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Very true. The mindset of the consumer has changed in the recent times and will continue to
prevail for quite sometime. But again, on second thought, this might only be limited to 'one
specific region', not the whole country.
In India, festivals mean shopping, and I don't think that "literally anything" can change that.
By nabaneet | New Delhi October 8, 2008 06:50:37 am:
By mitalisrivastava | Mumbai October 31, 2008 03:50:56 pm:
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Financial Meltdown, Domestic Unrest HasIndia Down
Posted by Sourabh Mishra on 10.07.08 @ 12:18 PM
The cover illustration on this week's "Economist" summed up our current
feelings in India in more ways than one. It pictures a figure, silhouetted
against an angry red sky, on a crumbling cliff peering down into a precipice.
The global, seemingly unshakeable, financial giants have had a very public"great fall," and now "all the king's horses and all the king's men" are trying
to put things together again, hopefully with $700 billion. Going by the fate of
the original protagonist in the nursery rhyme, people are rightfully worried.
The key local stock index (SENSEX) has crashed from 21,000 levels to 13,000 levels in the last
few months. No wonder consumer sentiment seems to have dipped here after riding high for a
long time, according to a Boston Analytics survey.
Marketing and advertising spends are heading southward in this traditional festive season
marked usually by high marketing as well as consumer spends.
A series of bomb blasts across the country over the last five months have further battered
people's morale. So now every time one goes to a crowded market or a crowded mall or gets into
a crowded train or bus (the crowds are a given here, and they are what make the Indian market
so attractive for global businesses), the tension is palpable. Suspicious glances at other shoppers,
overworked security staff with their metal detectors all around, people missing a heartbeat even
at the sound of a child's balloon bursting and nervous jokes about bomb blasts mark the average
middle-class Indian's shopping expeditions today.
With the back of his mind worried about the falling value of his investments and the very real
security threat all around him, is it any wonder that he is not in a particularly cheerful and
festive spending mode right now?
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It might not have hit us very hard,(our banks are still cash rich) but the ripple effects from US
can be felt...there was a news article few days ago that even the raddiwalas ( blokes at the
bottom of the economic pyramid in India) are getting burnt with the meltdown as this t ime
people are not throwing their old stuff away. Jewellers saw close to 60% crash in gold sales even
during Diwali (a festival when gold purchase is auspicious). We are not in panic...but we are
certainly watching carefully (our wallet, our savings, our banks and Uncle Sam).
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