Summary:

India’s retail market expanded from Rs. 35,00,000 crore (US$ 400.9 billion) in 2014 to Rs. 82,00,000 crore (US$ 939.8 billion) in 2024, with an annual growth rate of 8.9%. The industry is expected to grow to Rs. 1,90,00,000 crore (US$ 2.18 trillion) by 2034, driven by economic expansion and diversified consumer behaviors. Retailers who adapt to India's regional shopping trends will succeed.

India's retail landscape is characterized by a growing middle class, rising incomes, a technologically connected Generation Z, as well as an expanding 45-plus age group and a growing female workforce. Despite the rise in digital payments and online shopping, more than 58% of purchases are still made offline. To thrive in the diverse marketplaces of Bharat and India, retailers must strike a balance between aspirational buying and affordability, using specialized strategies.

Source: IBEF

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