Petcare, travel, health: Discretionary spending could unlock $50 bn opportunity for new-age brands

livemint.com:

consumer spending is estimated to more than double to $300 billion by 2030 from $140 billion now, aiding the growth of new-age brands, according to the report. “The combined revenue of new-age consumer brands tracked by Elevation has crossed $5 billion or ₹40,000 crore, a figure that continues to scale rapidly," according to a report released Wednesday. Deepening e-commerce penetration, lowering cost barriers and internet access before discretionary income are enablers now converging to make brand-building both lucrative and exciting for entrepreneurs, it added.

“As a consequence of the above, Elevation sees $50 billion of public market cap to be contributed by new-age brands in discretionary categories by 2030," the report said. India’s market for consumer goods has historically been dominated by large multinationals and homegrown consumer goods makers. However, the market dynamics have changed over the last couple of years as new-age consumer brands find favor among shoppers.

Pointing to the industries that hold great potential, the report said pet care has a $7 billion opportunity, premium leisure travel $20 billion, and premium healthcare a $10 billion opportunity. The top five million households, constituting approximately 2% of India's population, are expected to expand their spending pool to $100 billion for discretionary expenditures annually over the next decade, up from the current $40 billion. "Over the next decade, this spending pool will expand to $100 billion as their incomes grow.