New Delhi, June 04, 2015 – CBRE recently released it’s first-ever Asia Pacific Consumer Survey which compiled data from interviews with 11,000 consumers in 11 major countries across the region. India was a part of this exercise, with a total of 1,000 respondents from the Delhi National Capital Region (NCR). Consumers aged 18-64 years from varied household sizes and income groups were interviewed to learn more about their shopping habits and preferences for non-food items. The CBRE India Consumer Survey 2015 report highlights the key findings for the India retail business on the basis of the survey responses.
“While the insights from this survey reinforce some universal trends in retailing and consumer behavior, they also elucidate consumer trends specific to the Indian retail market. A universal trend that Indians are embracing with great verve, however, is online shopping. Consequently, retailers should consider adopting a dual-platform business model, enabling them to leverage on physical stores as well as online portals,” said Mr. Anshuman Magazine, CMD, CBRE South Asia Pvt. Ltd.
According to the findings of the survey consumers in India prefer cleanliness as the most important factor for visiting shopping centers, along with personal safety and security. Value retail is also a favored category for the price conscious Indian consumer. Convenience – such as accessibility and parking – are other factors that determine shopping preferences. Some of the key takeaways from the survey include the fact that there is the unavailability of quality shopping centers in the immediate vicinity of most neighborhoods in Indian cities.
The use of online shopping is increasing rapidly and consumers surveyed indicated that they will shop online more frequently over the next two years. Almost 67% responded that they were likely to shop from a desktop / laptop more often; while around 59% expected to use tablets / smartphones more often to shop online. The survey also revealed that over the next two years, 78% of shoppers will spend more on shopping online.
The survey highlights the following three broad themes:
• Overall Shopping Experience Sought by Consumers
• What Attracts Indian Consumers to a Shopping Destination?
• Online Shopping Trends
Respondents were asked how and where they shop; how they value and perceive their shopping experience; and how they see the future of shopping in the country. The report found that Indian consumers emphasized on the overall shopping experience offered by shopping centers. The report highlights that retail real estate developers in India should consider designing shopping centers (taking into account the promotion and tenant mix) in keeping with consumer preferences. According to the survey, tailoring retail venues to new age consumer preferences would be vital for remaining successful in today’s evolving retail landscape. “To attract new shoppers, retain existing consumers, and lure back old customers, landlords must create high quality retail destinations in top locations; implement high standards of property management; and provide a wide and dynamic trade-mix backed by a strong effective marketing campaign,” said Mr. Vivek Kaul, Head, Retail Services – India, CBRE South Asia Pvt. Ltd.
Survey Definition
The survey was conducted using online consumer panels. Key survey findings, therefore, represent the emerging behavior of this fast-growing segment with high online penetration. The survey is based on shopping trips for non-food products such as apparel, accessories, and jewelry—referred to as non-food for the purposes of this report.
Disclaimer:
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
