Millennial aggregate income is expected to more than double in Bangladesh between 2020 and 2035, and they’re going to bring their buying power and culture with them through that shift. It’s already happening, as millennials have brought coffee culture to Bangladesh, and it’s being used as more than a mere energy stimulant. Whereas Indian culture has previously permitted the love of tea, the younger generation is tapping into a largely untapped market: coffee. Who’s to thank for this? Global-minded millennials who have brought coffee culture from all over the world with them to Bangladeshi culture in hopes of creating a trend that consumers and entrepreneurs alike can tap into.
What Bangladeshi Millennials Want Out of Coffee Culture
What seems to separate coffee culture from tea culture in India is the social aspect of it. Millennials and like-minded consumers appear to be looking for a place in which they can not only drink a drink they love but also one where they can socialise, be entertained and feel like part of a community. The entertainment value of cafes is one of the biggest factors that entrepreneurs should look into in this regard, as cultivating a space that promotes this value at the forefront of their business model will draw particularly positive attention. Coffee shops that promote community and entertainment provide consumers with more than just a drink, and that’s really what is intertwining coffee into the fabrics of Bangladeshi culture. Trends point to the idea that coffee consumers are now more likely to be looking for unique learning opportunities, such as the ability to learn how to brew different kinds of coffee or how to distinguish a difference in taste between various blends.
The Existing Coffee Market in Bangladesh for Entrepreneurs
The coffee shop culture is a fairly recent trend in Bangladeshi culture, with cafes popping up a mere decade or so ago next to local tea stalls. However, the existing coffee market is worth at least BDT 600 mn+, with brewed coffee making up about two-thirds of that and instant coffee accounting for the rest of the market share. What this means for young entrepreneurs is that the market is still largely untapped while remaining fairly popular. In the metropolitan Bangladesh area, there are only about 50 premium cafes that have to serve nearly 160 million consumers, making the market ripe for competition and fresh full of opportunities for smart entrepreneurs who can learn how to capitalise on the culture before it’s too late. What’s the best part about this phenomenon? Local farmers are beginning to produce coffee in the hills of Dhaka, making the business idea the perfect combination of local sustainability and investment in a trend that millennials support.
Taking Advantage of Globalisation
Entrepreneurs in Bangladesh can truly capitalise on globalisation and have millennials to thank for the shifting market that’s providing them with so many opportunities for innovation. As long as entrepreneurs can learn how to tap into the growing coffee culture in Bangladesh and beyond, they’ll be able to cater to a new culture that soon-to-be top earners will love to pay to be a part of.
Author: Jenny Holt