Forecasting the market trends in youth oriented consumer economies: From perspective of China

and India

Forecasting the market trends in youth oriented consumer economies: From perspective of China and India

Introduction

The changing trends in technology, globalization, and buying behavior bring in new challenges and opportunities for organizations in doing business. For successful organizations, in depth market research and a proactive plan is required to cater these environmental forces in rapidly changing markets. These forces are micro and macro in nature and influence the organization's strategies. Now the survivals of organizations rely on to serve consumers of new large markets. The focus of the companies has shifted from traditional markets to youth oriented market that has their own preferences and the way of shopping. The China and India are among the fastest growing emerging economies with high growth rate of young independent consumers who are self employed and are willing to spend their income on quality brands. On the other side, the penetration of internet and digital media in these societies has increased competition among companies.

Discussion

Products and Services of Interest

Today China and India are the fastest growing economies of the world with a large percentage of youthful consumers. Many organizations are moving to these youth oriented consumer markets with higher growth potential. These consumers are self employed and are independent in their decisions than previous. Being a part of world's largest emerging economies and with the entrance of technologies has changed the way the youth do buying.

The youth in china and India is growing up with technology that has evolved the buying behavior in these markets. The result of China Youth culture study 2009 has indicated a big shift in the consumption trends in the age group of 15 to 25 years of young consumers. These youth oriented consumers are more influence by new economic changes and the transition to a new medium of communication and technology. The results also suggest it is important for acknowledged US brands to consider the young Chinese characteristics in forming their business strategies (Anonymous, 2009).

Online shopping is the latest growing trend in these regions. Smartphone, latest mobile apps, online gaming, advance digital products and social media networking are the way youth live in these nations.

Influence of environmental forces on marketing strategies

For any business, consumers are those people who buy a product or consume services for their personal or household consumption purpose. These consumers create market for the business and generate profit from them. Consumers have the purchasing power and like to spend for those products that satisfy their needs. This makes organizations to study consumers purchasing patterns and factors that influence their purchasing decisions. Marketers cannot control all these factors, but this helps them to design their strategies accordingly. The common environmental forces are divided into two categories of micro environment forces and macro environment forces.

The macro environment usually involves external forces that effect large number of organizations where micro forces usually exists within organizations own internal environment. The demographic changes, political, legal and economic conditions and natural ...