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Cracking the code: Charting the consumer landscape of India
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consumer tech sector stood at $100 billion in FY22, something that is expected to go up to $300 billion by 2027, growing at an annual growth rate (CAGR) of around 25%. This was revealed in a recent report released by Chiratae Ventures.
In its report titled ‘Cracking the code: Unveiling India’s consumer landscape’, in partnership with Google and 1Lattice, the firm has cast an eye at India’s consumption potential. Here are some key findings.
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What is driving growth?
- Tier-II and tier-III cities are rapidly adopting digital technology and are aware of the various platforms and apps.
- Wide usage of FinTech platforms, driven by payment apps, even in remote cities.
- Growing willingness to pay for premium and personalised subscription models.
- Online gaming growing with rising professional gamers.
- Changing preference from offline to online across apparel, BPC and grocery shopping.
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