Indian economy

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TOPIC

“To study the dynamics of the emerging sports bar business in India from a cultural and branding perspective”

INTRODUCTION

Post liberalization the Indian economy has grown exponentially. The fall out of this is the increase in disposable income of the consumers, emergence of credit card culture and the decreasing size of households. The change in the economic status is the catalyst to the change in the social and cultural trends that have caused the change in the way a consumer views everyday food and beverages. The consumer today has very different preferences. Consumers today are more aware about different things in the world due to extensive travel and foreign media. These are some of the social and economic reasons behind the consumer moving towards fine dining, imported spirits and wine as opposed to conventional beverages. Due to this paradigm shift coffee shops, restaurants, fast food joints and bars have become successful.

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India is relatively new to the concept of a bar. In India bars are located mostly in the metros like Delhi, Mumbai, Bangalore, Hyderabad etc. Sports bars in particular are very new to our country and are growing at a very rapid rate. The advent of IPL and the increase in craze for club football and F1 has only boosted its prospects.

LITERATURE REVIEW

The Indian economy is booming and the living standards and the lifestyles in the urban areas are fast changing. Entertainment as an industry is growing exponentially over the past decade. From the turn of the 21st century more and more avenues of entertainment have opened up in our country. Eating out as a form of entertainment has been catching up over the last decade. More and more families are going out for dinner or lunch on a regular basis and this is a form of entertainment for them.

Changing Indian Economy & Consumer Preferences:

As of 2007 the median age of India is 24. Due to the abundant job opportunities and the surge in the economy the amount spent by a consumer on alcohol has increased significantly. The number of women working has increased by a large percentage and due to this the double income households have more disposable income. They can afford give their children more pocket money and they are spending a far greater amount socializing in restaurants and bars. The expenditure of consumers on alcohol drinks has increased by 650% from 1995-2007. (Consumer Lifestyles india, 2008)

The rise in income is leading to overall growth in consumption by an average Indian. Eating out on a regular basis has now come to become a cool habit. Eating outside is becoming more and more popular. According to a research conducted by Federation Of Hotel and restaurant Association of India (www.fhari.com 2005) there are 10 million households in India with an average income of Rs 46,000/month and 2 million households with average income of 115,000/month.

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