Consumption & Retailing In India In The Years Ahead
Today, India provides the single largest consumption opportunity in the world. At the current growth rate, India’s GDP will double within this decade and add a trillion dollars to its economy. This will throw up new opportunities including a doubling of consumption demand in the country. The additional $450 billion of discretionary consumption demand can be catered to by modern retailers.
With far-reaching socio-economic changes sweeping India, key economic drivers in urban and rural India are maturing fast. The exponential growth in incomes and consumption is already delivering extensive societal benefits and fuelling the purchasing power of the burgeoning middle class. At Future Group, we want this growth to trickle down to India’s economically disadvantaged.
Understanding Consumerism the Indian Way
India’s economic growth has accelerated significantly over the past two decades and average household income has almost doubled. With rising incomes, consumer spending too has changed significantly. Economic growth has also impacted urban demographics, leading to increased per capita household consumption.