<p>Bengaluru: India’s private consumption has expanded to $2.1 trillion in 2024, growing 7.2 per cent annually and is expected to be the world’s third- largest consumer market by 2026, a report by Deloitte and Retailers Association of India showed on Thursday. </p>.<p><br>While this at odds with the concerns voiced by consumer goods companies, the positive outlook of this report is drawn from a pick up in premiumisation which is working for affluent consumers looking for quality, convenience, and experiences. Gen Z and millennials, who account for 52 per cent of the population, drive this shift towards premium brands, sustainable products, and personalised experiences. </p>.<p><br>India’s luxury market, the fastest growing in Asia, is also expected to touch $30 billion by 2030, as access has grown to more consumers through online channels. By 2030, the per capita income is expected to exceed $4,000 while the gross domestic product (GDP) is projected to grow at an 11 per cent compound annual growth rate (CAGR), reaching $7.3 trillion by FY30, with domestic consumption gearing 60 per cent of the economy. </p>.Stock markets loses sheen with most women, who opt for residential realty: Survey.<p><br>The report comes days after a study by Blume Ventures showed that a billion Indians out of the 1.4 billion population lack money for discretionary spends. Other surveys have also pointed to professionals facing job insecurity due to their qualification falling short of the needs of the current employment demands. The Economic Survey 2024-25 too red flagged certain job market concerns, including wage stagnation.</p>.<p><br>The study also points towards changing consumer patterns with around 71 per cent of consumers having increased their spending in the last 12 months for fresh fruits and vegetables due to health concerns and close to 40 per cent of consumers are going for organic or specialty foods, a space which has even gained traction from entrepreneurs. </p>.<p>Even credit access has expanded at an unprecedented pace, with penetration expected to triple from 102 million in 2024 to 296 million by 2030, enabling increased consumer spending. However, data from TransUnion CIBIL showed that in the first half of 2024, credit card defaults climbed to 1.8 per cent, up from 1.7 per cent at the end of 2023, according to data. While this rise might seem negligible, the real concern lies in the mounting outstanding dues. A report by Macquarie Capital even showed that most young millennials are using the entire limit and directly defaulting, with net credit losses for credit cards surging to 5-6 per cent.</p>
<p>Bengaluru: India’s private consumption has expanded to $2.1 trillion in 2024, growing 7.2 per cent annually and is expected to be the world’s third- largest consumer market by 2026, a report by Deloitte and Retailers Association of India showed on Thursday. </p>.<p><br>While this at odds with the concerns voiced by consumer goods companies, the positive outlook of this report is drawn from a pick up in premiumisation which is working for affluent consumers looking for quality, convenience, and experiences. Gen Z and millennials, who account for 52 per cent of the population, drive this shift towards premium brands, sustainable products, and personalised experiences. </p>.<p><br>India’s luxury market, the fastest growing in Asia, is also expected to touch $30 billion by 2030, as access has grown to more consumers through online channels. By 2030, the per capita income is expected to exceed $4,000 while the gross domestic product (GDP) is projected to grow at an 11 per cent compound annual growth rate (CAGR), reaching $7.3 trillion by FY30, with domestic consumption gearing 60 per cent of the economy. </p>.Stock markets loses sheen with most women, who opt for residential realty: Survey.<p><br>The report comes days after a study by Blume Ventures showed that a billion Indians out of the 1.4 billion population lack money for discretionary spends. Other surveys have also pointed to professionals facing job insecurity due to their qualification falling short of the needs of the current employment demands. The Economic Survey 2024-25 too red flagged certain job market concerns, including wage stagnation.</p>.<p><br>The study also points towards changing consumer patterns with around 71 per cent of consumers having increased their spending in the last 12 months for fresh fruits and vegetables due to health concerns and close to 40 per cent of consumers are going for organic or specialty foods, a space which has even gained traction from entrepreneurs. </p>.<p>Even credit access has expanded at an unprecedented pace, with penetration expected to triple from 102 million in 2024 to 296 million by 2030, enabling increased consumer spending. However, data from TransUnion CIBIL showed that in the first half of 2024, credit card defaults climbed to 1.8 per cent, up from 1.7 per cent at the end of 2023, according to data. While this rise might seem negligible, the real concern lies in the mounting outstanding dues. A report by Macquarie Capital even showed that most young millennials are using the entire limit and directly defaulting, with net credit losses for credit cards surging to 5-6 per cent.</p>