Indian Consumers vs World Consumers: A Comparative Analysis

Selvanathan Ea and Saroja Selvanathan
Authors registered in the RePEc Author Service: Eliyathamby Antony Selvanathan

The IUP Journal of Applied Economics, 2003, vol. II, issue 2, 24-45

Abstract: In this paper, we present an analysis of the Indian consumption patterns and compare it with results from 23 Less Developed Countries (LDC) and 46 world countries. Results show that Indian consumers allocate more than half of their income on food while consumers around the world allocate only one-third of their income on food The overall growth in consumption in India is similar to the LDC and the world, however, growth in prices is lower in India compared to the LDC and the world. Further, a number of empirical regularities, such as the law of Demand, Engel's Law, additive preferences etc., are supported by the Indian consumption data as is the case with the LDC and world consumption data. Indian consumers as well as the LDC and world consumers consider food, housing and medical care as necessities and clothing, durables, transport and recreation as luxuries. However, education is a necessity for an average world consumer, while it is a luxury for consumers in India and the LDC.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:icf:icfjae:v:02:y:2003:i:2:p:24-45

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