India's Consumer Boom: How Rising Incomes and Digital Innovation Fuel Discretionary Spending

India's private consumption is set to nearly double from 2013 to 2024, with the country poised to become the world's third-largest consumer market by 2026. This growth is driven by increasing incomes, digital adoption, and changing consumer preferences towards premium, sustainable products. By 2030, India's consumption landscape will see transformative shifts.

The report reveals that India's private consumption is projected to jump from USD 1 trillion in 2013 to USD 2.1 trillion in 2024, marking a 7.2% CAGR growth, outpacing major economies like the US, China, and Germany.

Deloitte India and the Retailers Association of India expect India to become the world's third-largest consumer market by 2026, benefiting from a substantial demographic dividend.

The report highlights the surge in discretionary spending fueled by increasing incomes, digital inclusion, and evolving consumer preferences, suggesting an explosion in the demand for premium brands, sustainable goods, and personalized experiences.

(With inputs from agencies.)