India, the world’s fastest-growing economy, is set to reach USD 5 trillion by 2027, becoming the third largest globally. This growth will bring numerous opportunities, especially in consumption-driven sectors like retail.
Indian Retail: Ready for Take-Off
With per-capita GDP expected to rise to USD 4,000 by 2030, India is edging closer to upper middle-income status. This report explores significant transitions in consumer spending on discretionary items and customer experiences, already visible today. Key drivers of this retail resurgence entail:
- Domestic Consumption on the Rise
India’s foreseeable journey to middle-income status is likely to boost retail real estate, with higher disposable incomes driving spending on discretionary items and experiences, an area excelled by physical retailing formats. - Discretionary Spending Surge
Urban discretionary spending has grown from 27% to one-third, with credit card spending tripling to INR 18.31 lakh crore by FY2024. Air travel and iPhone sales have also surged, placing India in the top five for iPhone sales. - Global Retailers Eye India
Global retailers are eager to enter India, driven by relaxed FDI policies, rising incomes, improved infrastructure, digitized payment systems, and GST rollout, making India an attractive market.
Can India’s top 8 real estate markets meet the growing consumer demand for Grade-A malls? What opportunities does this unveil for developers? What is likely to be the role of highstreets and office-retail complexes in this dynamic? Download the report to know more on the road ahead for the Indian retail market.
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