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Survey reveals India's new rich stay in small cities
MUMBAI: A new survey has revealed that about 60 percent of the ?real rich? people stay in small cities. This has in turn tempted consumer companies to target these people during the coming festival season. The latest National Council of Applied Economic Research survey said that the real rich or the ?noveau rich? stay in small cities and not in cities as projected. Major companies like LG, Samsung, Maruti, Hyundai, among others have changed their distribution and marketing strategies to lure new affluent, upwardly mobile consumers in smaller cities. In fact many companies expect their revenues to increase by targeting these customers. The survey said that about 75 percent of India?s ?sheer rich?, 64 percent of ?clear rich? and 58 percent of the ?near rich? live in these 67 smaller cities representing about seven percent of the population and contributing 13 percent to the GDP. Despite the main metros remaining the richest, small cities have witnessed more growth, the NCAER survey said. Based on this survey, consumer companies are refining their strategies to market their products. People in these small cities are no longer averse to buying high end products like plasma TVs, high premium cars and bikes, which hitherto were available in cities only.