Consumer market to treble by 2028 to Rs 335 trillion: report

These households have grown at 10 per cent annually in the past decade to double their share from 6 per cent in 2008 to 12 per cent in 2018. Subsequently, consumption by the affluent and the elite grew at 20 per cent annually to corner one-third of the total consumption pie, it said. Top metros led the growth story in the past decade with 16 per cent annual growth. Demand rose in both products and services with clothing, footwear and healthcare amongst the fastest growing categories. "While clothing and footwear grew 16 per cent CAGR, for healthcare it was 14 per cent. Categories like financial services, social protection and jewellery also registered strong growth of 15-19 per cent annually, it said. Online retail market grew at a rapid 78 per cent albeit on a small base in the last 10 years, taking the share of online retail to 2.8 per cent of total retail spending in 2018 from 0.1 per cent in 2008. This growth was led by tenfold growth in the number of Internet users and 26 times growth in the number of online shoppers between 2008 and 2018, it added. ... Dailyhunthttp://www.magcloud.com/user/utejjamsun