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Boston Consulting Group (BCG) recently teamed up with LightCastle Partners, a data and analytics startup from Bangladesh in order to release a report, titled “Bangladesh: The Surging Consumer Market Nobody Saw Coming“. In 2025, Middle and Affluent Class Bangladeshis (Individuals with Annual Household Incomes of $5000 or more) will account for 17% of the population. In terms of numbers, many interesting trends were identified through this study in which 2000+ consumers were surveyed.
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To learn more about The Surging Consumer Market
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While most of the concentration continues to be in Dhaka and Chittagong, other cities across Bangladesh provide an array of opportunities in terms of tapping into new consumer markets. Consumer confidence is high and consumers are optimistic about having better incomes and about buying quality products, both durables, and nondurables. ‘Family’ is the keyword you need to seamlessly integrate with your business, Bangladeshi consumers think about their family before they think of themselves, if you are a marketer, taking the family angle would make more sense than focusing on discounts-most Bangladeshis are not triggered by discounts. Traditional methods are still highly used in retailing and in payments-e-commerce and alternative payment methods still have a long way to go, but whoever’s working on it now will be ahead of the curve since Modern retailing and Payment methods are the way forward given the growth of internet usage-particularly mobile. While buying and selling happen in small numbers online, the internet is a major source for product information already, this means buying and selling will rise in the next decade.
Bottom line: This Report by Boston Consulting Group (BCG) should come in handy for not only managers foreseeing the future ahead, but marketers too. Marketing backed by data at this level is what we need to remain ahead of the curve. My keywords to take away from the report are Mobile, Family, Payments, and New Markets. What are yours?
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