Study of consumer values and consumption pattern of new middle class consumers in processed food and FMCG sector in India

Abstract

The New Middle Class consumers (NMC) is a newly formed segment in developing economies like India, who have more disposable income than the traditional middle class and have a higher liking and consumption of aspirational and indulgence products. 28% of the Indian population is middle class and approximately 50% among them is residing in rural India. With increasing consumption of processed food and allied consumer products, they become the target segment for most FMCG companies. A study which details the segments’ consumption pattern would help in developing overall strategy to target this segment.