Summary:

India’s private consumption has nearly quadrupled to ₹1,83,30,900 crore (US$ 2.1 trillion) in 2024 from ₹87,29,000 crore (US$ 1 trillion) in 2013, growing at a 7.2% CAGR and surpassing the US, China, and Germany. Rising incomes and evolving consumer preferences are driving demand for premium brands and personalized experiences, positioning India to become the world's third-largest consumer market by 2026.

By 2030, India's per capita income is expected to surpass ₹3.49 lakh (US$ 4,000), fueling business expansion. The growth of digital commerce, increased credit availability, and fintech-driven f inancial inclusion will further accelerate consumption. Credit card penetration is projected to quadruple to 296 million, boosting consumer spending. Organized retail is set to grow at a 10% CAGR, reaching ₹20,07,670 crore (US$ 230 billion) by 2030, with experience-led retail reshaping brand engagement and consumer behavior.

Source: IBEF

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