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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Indian retail market pegged at Rs 190 lakh crore by 2034; retailers embracing diversity to gain: BCG-RAI report
Indian retail market is expected to reach over Rs 190 lakh crore by 2034 and retailers capable of embracing the country's diverse demographics and contrasting consumer behaviours stand to gain the most, according to a report. With distinct consumer groups, each with their own unique needs even within a city, retailers will need to recognise the different opportunities and pick sharply where they want to play to be successful in 'Bharat' and 'India', said the report prepared jointly by the Boston Consulting Group (BCG) and the Retailers Association of India (RAI).
The retail market in India reached a size of Rs 82 lakh crore in 2024, up from Rs 35 lakh crore in 2014, growing at over 8.9 per cent in the last decade, driven by the India's economic growth and an increasingly discerning and diverse consumer base, said the report titled 'Winning in Bharat & India: The Retail Kaleidoscope'.
India's consumption growth trajectory has been secular, barring during the COVID-19 pandemic and it is set to witness the highest growth in consumption between 2024-2034, it noted.
«The Indian retail market is large and growing, expected to reach over Rs 190 trillion by 2034. This expansion has outpaced overall consumption, highlighting the sector's resilience and strong momentum,» it said.
At the heart of this expansion lies an increasingly discerning and diverse consumer base. More households are moving into affluence and at the same time, value-for-money remains key to decision-making, hence retailers must strike a careful
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21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
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markets
Digital
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IPO
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
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