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The Globalization of Magazines in India: A case study
Unformatted Document Text:  7 India has made it particularly appealing to publishers looking to invest in new markets. Economic and social factors Over the last decade India has seen a significant increase in incomes and purchasing power. The annual growth in GDP between 2006 and 2009 was 7.5% and it was the second fastest growing economy in the world after China as well as the second largest English speaking population in the world (Ernst & Young 2010). The economic liberalization which began in the 90s and began to attract foreign consumer goods has gained momentum with malls in urban areas and more luxury brands entering this market. Growing literacy and rapid urbanization are adding to a middle class that aspires to a more western lifestyle. With more women in the workplace they emerged as a powerful economic force. There has been a shift in the role of women who have are making decisions about when to marry, when to work and what to buy. Urban middle class women are still a minority, but an influential one. A study by the Grey Global Group found that 91%of young single women in big cities say they believe a car and big house are essential for happiness. In smaller cities the figure drops to 86% (Gee, 2007). McKinsey & Co. predicted that India‘s middle class would grow by 10 times to more than 500 million over the next two decades making India the world‘s fifth largest consumer market (cited in Gee 2007). In addition, it is a population that is skewed young with more than half the population being under 25. This is a demographic that is especially attractive to premium brands which are looking for

Authors: Shrikhande, Seema.
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India has made it particularly appealing to publishers looking to invest in new 
Economic and social factors  
Over the last decade India has seen a significant increase in incomes and purchasing 
power. The annual growth in GDP between 2006 and 2009 was 7.5% and it was the 
second fastest growing economy in the world after China as well as the second largest 
English speaking population in the world (Ernst & Young 2010). The economic 
liberalization which began in the 90s and began to attract foreign consumer goods has 
gained momentum with malls in urban areas and more luxury brands entering this 
Growing literacy and rapid urbanization are adding to a middle class that 
aspires to a more western lifestyle.  With more women in the workplace they emerged 
as a powerful economic force. There has been a shift in the role of women who have 
are making decisions about when to marry, when to work and what to buy. Urban 
middle class women are still a minority, but an influential one.  A study by the Grey 
Global Group found that 91%of young single women in big cities say they believe a 
car and big house are essential for happiness.  In smaller cities the figure drops to 86% 
(Gee, 2007). 
  McKinsey & Co. predicted that India‘s middle class would grow by 10 times 
to more than 500 million over the next two decades making India the world‘s fifth 
largest consumer market (cited in Gee 2007).  In addition, it is a population that is 
skewed young with more than half the population being under 25.   This is a 
demographic that is especially attractive to premium brands which are looking for 

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