Page 18 - CIJ JAN 2024 - Digital Edition

Cover Story

Consumerism slowdown amid
sustainability concerns: As
people become increasingly aware
of the impact their choices have
on the environment, they seek out
products that are eco-friendly and
have a lower carbon footprint.
The issue of social responsibility
is another driving factor for
sustainable consumption.
Adoption of sustainability
KPIs to boost customer loyalty:
As consumers become increasingly
While India was not fully affordable residential market in
insulated from global shocks in India among the top seven cities, conscious of their environmental
impact, they seek out brands
2023, improving domestic inflation Pune is expected to follow along that align with their values and
levels and India’s economic growth with Hyderabad. Mumbai has
outpacing the rest of the world the most expensive residential positively contribute to the planet.
gave enough headroom to the market in the country. However, all As a result, the second-hand resale
shopping market has risen in
central bank to maintain status quo cities will remain lower than their
through a large part of the year. highest affordability levels seen in popularity as a more eco-friendly
The response from the residential 2021, thus they are likely to see shopping alternative.
markets was spectacular, as sales robust market activity prevail to Increase in engagements that
for the first nine months of 2023 the end of 2024. recreate physical experiences:
rose to approximately 90% of the Curating every detail across
full-year figures of 2022. Retail Markets multiple touchpoints that include

Homebuyers look at multiple 2024 what people see, hear, smell, taste
factors including but not limited to and feel is part of experience
the prevailing economic scenario Rising consumer demand and the design and it engages people and
and future expectations of income fast-paced tourism recovery continue draws them in.
and inflation. Also, employment to boost retail activity across the Strong interest in social
market prospects, income & job Asia Pacific region in the post- experience at retail spaces: For
stability and current & future pandemic era. Shopping malls and retail business, social factors such
savings targets are equally critical physical stores need to differentiate as family, community and socio-
when making home purchase themselves and stay relevant. A economic status affect as well as
decisions. Affordability levels few trends listed below would keep define the lifestyle. An example
remain much above the pre- retailers ahead of the competition. would be a place where you can
COVID and worst affordability Retail media networks as a participate in community events,
periods for all cities, clearly revenue stream: Retail media find out what is going on in the
highlighting the headroom for empowers retailers to turn their area and the world, or just relax
market growth to continue”, said first-party data and audience and enjoy a coffee and a chat.
Siva Krishnan, Managing Director insights into a profit source. The Unique digital experiences
and Head of Residential Services, advantage lies in the creation of a needed to engage, retain customers:
India, JLL. strong income channel. In an increasingly digital world,
Mixed-use spaces: Combining content becomes a primary way
Kolkata, Pune and two or more asset classes into to connect with consumers.
Hyderabad most one building is not new but it has Personalized content, tailored to
affordable grown more popular in recent years customer’s unique preferences can
create a positive experience and
and could play a pivotal role in
While Kolkata remains the most commercial real estate’s future. increase their loyalty to the brand.

JANUARY 2024•Clean India Journal
18 www.cleanindiajournal.com