Mumbai, India – Shiprocket, a leading logistics enablement platform, has released a report that predicts India’s consumer spending to surpass $4 trillion by 2030. The report, titled “India’s Consumer Spending: The Next Decade,” found that India’s consumer spending is expected to grow at a compound annual growth rate (CAGR) of 10% between 2022 and 2030.
“India is one of the most attractive consumer markets in the world,” said Saahil Goel, CEO and co-founder of Shiprocket. “The country has a young and growing population with rising disposable incomes. This is driving a surge in consumer spending across all categories.”
The report found that the growth in consumer spending will be driven by a number of factors, including:
- The rise of the middle class: The Indian middle class is expected to grow to 530 million by 2030. This will create a large pool of consumers with disposable incomes to spend on goods and services.
- The growth of e-commerce: E-commerce is growing rapidly in India and is expected to account for 25% of all retail sales by 2030. This will drive demand for online shopping and delivery services.
- The growth of digital payments: Digital payments are becoming increasingly popular in India and are expected to account for 80% of all retail payments by 2030. This will make it easier for consumers to shop online and offline.
The report also found that the growth in consumer spending will be uneven across different categories. The report found that the following categories are expected to see the most growth:
- Fashion and apparel: Fashion and apparel is expected to be the largest category, accounting for $1.2 trillion of consumer spending by 2030.
- Food and grocery: Food and grocery is expected to be the second largest category, accounting for $900 billion of consumer spending by 2030.
- Home and furniture: Home and furniture is expected to be the third largest category, accounting for $600 billion of consumer spending by 2030.
The report concluded that India’s consumer spending is set to grow rapidly in the coming decade. This growth will create opportunities for businesses across all sectors.
Key takeaways from the story:
- India’s consumer spending is expected to surpass $4 trillion by 2030.
- The growth in consumer spending will be driven by the rise of the middle class, the growth of e-commerce, and the growth of digital payments.
- The growth in consumer spending will be uneven across different categories.
- The growth in consumer spending will create opportunities for businesses across all sectors.
Implications of the story:
The growth in India’s consumer spending is a positive sign for the Indian economy. The growth will create jobs, boost economic growth, and improve the standard of living for millions of Indians.
The growth in consumer spending will also create opportunities for businesses across all sectors. Businesses that are able to tap into the growing consumer market will be well-positioned to succeed in the years to come.