The India Retail Forum notes that there are several macroeconomic fundamentals that continue to strengthen India’s ” high potential ” retail industry.
1. Rapidly growing population
India has the second largest population in the world (estimated at 1.42 billion for 2023), but is projected to overtake the leading China. India currently accounts for 17% of the world’s population and 3%
While the rest of the world is dealing
with the effects of an aging population, 47% of India’s population is under 25 years of age. The New York Times Indian youth were eager to embrace Western kuwait whatsapp number data brands such as Benetton T-shirts, Domino’s pizza and Cadbury milk chocolates, as well as the shopping experience offered by American-style malls.
in fashion, food and beverage, fast food restaurants and mobile phones. These consumers are willing to experiment and accept new brands.
3. Rising per capita income
from $1,053 USD in 2014 to $2,091 USD in 2022. Consumers now have more disposable income. There is a growing trend among Indian consumers to buy branded products as well as goods and services focused on convenience and a healthier life.
It is important to note that averages do not tell the whole story, as considerable inequality in the distribution of wealth persists in India today. In fact, only about 6% of the population is the target market for large retailers looking to enter the Indian retail landscape.
13% over the past two decades to comprise
70% of all Indian households. Nuclear families tend to spend 20-301 TP2T more than joint families.
Additionally, as more women participate in the workforce, there are new demands for services that help the busy, time-poor consumer. This trend is expected to continue. The World Economic Forum reports that 82% of women respondents to a recent survey said their ideal job would be outside the home.
by 2025, 38% of India’s population will live in its cities. India’s urban GDP per capita is projected to grow at a rate of 6% between 2005 and 2025. This means that the number of urban households with real 40% of gen z want more content from brands discretionary purchasing power may increase up to sevenfold. 89 million households by 2025. This also means that there will be cz lists great demands to upgrade India’s urban infrastructure.
Retail landscape
India’s young population, increasing urbanization and rising incomes mean its. Retail market is projected to grow 12% year-on-year to surpass $1.1 trillion by next year. Currently, India’s retail. Industry accounts for 101 TP2T of its GDP and about 8% of its employment (1.09 million people).