Targeting India’s top-end consumers
At the recent India Market Snapshot seminar organised by INZBC [India New Zealand Business Council], NZTE presented its research findings on the Indian market – providing some valuable insights into tapping the top-end consumer segment.
India is New Zealand’s tenth largest export market with two-way trade of $1.9 billion in the year to June 2015. With a population of 1.27 billion, there is an opportunity for New Zealand companies to take advantage of the growing middle class segment and meet the demand of India’s top-end consumers.
NZTE’s Trade Commissioner in Mumbai, Kevin McKenna, along with Daljit Kohli Singh, BDM, NZTE Mumbai, presented some very revealing market facts. For example, only two percent of weekly food shopping in India is done in a supermarket. Indian consumers love smaller test packs for new products, and F&B products tailored for special events and holidays are always big sellers.
“India has enormous potential as a major destination for premium New Zealand food and beverage products," says McKenna. "The Indian market is characterised by varied taste preferences, challenges in distribution channels and fierce competition from well-established premium brands. India provides a challenging but exciting opportunity for New Zealand companies.”
NZTE has commissioned research to better understand how New Zealand F&B companies could tailor and market their products to take advantage of India's growing top-end consumer segment.
The report outlines marketing tactics that can be used by companies to target the 26 million wealthy Indians who purchase premium F&B products on a regular basis.
However the insights from this research can also be used to draw parallels for similar products and services.
Robert Barker, INZBC Chair, says that NZTE is doing a great job at educating the market to have a good strategy. “The success and the failure of an entry into the Indian market lies with the correct strategy, and sessions like these help in knowing the market better. This is key for the success of Kiwi businesses trying to venture into India.”
INZBC has been holding regular events covering various aspects of the export market. Bhav Dhillon, Treasurer-INZBC says, “We at INZBC are trying to cover all areas to spread knowledge and information about doing business with India. This event was more focused on research and strategy. We did a similar event in October on Finance, where the Trade Minister spoke, and one in early November for the ICT industry."
PwC Auckland hosted the Market Snapshot in support of Kiwi export businesses.
“PwC has been actively involved in helping our clients expand into India and are active proponents of telling the New Zealand story in India," says Mark Russell, partner at Auckland. "PwC has many employees from the Indian diaspora who maintain strong links to India. Together with our PwC colleagues in India, we are more than happy to share our learnings and insights.”