Come 2025 and our Amdavad will be among top 20 cities in the world in terms of growth — so claims a study conducted by McKinsey & Company. It is expected that there will be a sharp increase of higher income group consumers and elderly consumers aged 65 years and above with household income greater than $20,000 (approx Rs11.11 lakh). Ahmedabad will also witness higher income groups who are willing to spend. Hence, 2025 will have infrastructure in the forefront.
The study was done with the shift in economic balance towards South and East as the backdrop. The biggest economic transformation is being witnessed in terms of population in cities and expansion of emerging markets, which is getting proportional to the rising income of people. All this, combined has started to create a new wave of consumers with considerable spending power.
Medicinal product – Major market
Ahmedabad will have market for manufacturers and suppliers of medicinal products by 2025. These products will include all drugs which are consumed by people of 65 years and above. And, all those cities which will have this segment of consumers will be identified as ‘silver cities’ by 2025.
According to an expert, 65 years plus aged people will have the highest number of health issues considering the present style of living. These health issues will include tuberculosis, diabetes, cardio vascular diseases and other major ailments. Hence, every medicine, which will cure such hazardous ailments, will be manufactured in the next 15 years.
Surprisingly, it is noticed that Vitamin D deficiency caused by lack exposure to sunlight is seen highly in the hotter cities. This is because people cover themselves whenever they go out or prefer to sit in air conditioned rooms. “Vitamin D deficiency will cause 46 major ailments that include cancer and cardiac attacks,” mentioned an expert.
Other than these pharmaceutical products, 2025 market will have a lion’s share of Nutraceuticals. This is also because of the unhealthy lifestyle of younger present generation. However, the game changers of 2025 market will be security products, highly simplified gadgets, doorsteps services, comfortable cars preferably small cars, insurance products for senior citizens. “All this is to make the livelihood of senior citizens easy,” said Santhosh Zukarkar, Head of Corporate Communication of Cadila Pharmaceuticals.
Incidentally, the study also says that analyzing the economic profiles of cities is no trivial task. Whereas, at present to find the geographical location of Surat is hard-pressed by many companies and importantly, two-fifths of the Indian textile production is made by Surat. Non-profiling of these cities are making them go unnoticed. However, by 2025 high income groups will invest in this niche market of textile and other
expensive goods.
