A well written article on the buying power of India’s Gen X :
A couple of interesting notes
- McDonald’s has 48 stores in India, 60% of them built in the past 18 months. The outlets see on average 3,000 customers a day
- Five years ago, the average age of a Citibank mortgage holder in India was 41; now it’s 28.
- Four times a month, Kapoor visits New Delhi’s top restaurants, among
them Italian bistro Flavors or Indian-food specialist Bukhara, dropping
as much as $40 a meal. In the process, he ran up about $4,200 in
credit-card debt, spread over three cards.
- cable-TV subscribers can now get 80 or more, replete with MTV and episodes of Friends.
- In the past two years, the number of new credit cards issued has jumped 25% annually, and new mortgages 35%.
With the good comes the bad, Obesity, debt and cultural drain. Well,
its ironic to watch some of these kids when I visit back home, some of
them are more american than the americans themselves! 3yr old want to
visit McDonald’s instead of having a meal of idly and dosa (South
indian pan cakes).. My Grandpa (whos 99 years old . touch wood) says
1/4 of ur income needs to be saved .. it has taken me 5 years to get
that into my system and im still trying to perfect it. At his age, the
man takes cares of his income, think about the inflation he must have
seen in his lifetime. IMHO a mix of cultures in always good, I have
learnt a boat of titbits in life during my stay in the US, but
will this trend attack the underpinnings of the india culture and
Will India be a replica of the US in 5-10 years time or will it crave its own path? Something to think about.