India to be third-largest consumer market

Indian_marketAnticipated spending growth of 12% a year will make India the world's third-largest consumer market by 2025, according to a new estimate. The forecast from the Boston Consulting Group, a consultancy, predicts that consumption will triple to $4 trillion in the period. “India’s consumer market is poised for fundamental change,” said Nimisha Jain, partner at the consultancy. “As the consumer market continues to grow and evolve, companies will need to shed conventional wisdom, try multiple business models simultaneously, and be prepared for rapid change internally to adapt to changing consumer needs and behaviours.” The firm's research suggests that elite and affluent people in India will account for 40% of spending by 2025, the first time the wealthy have constituted the largest consumption segment. By that time, three-quarters of households are predicted to be nuclear families, meaning a couple or individual with or without children. Historically, many Indian households have consisted of joint or extended families living together. ©2017 funds global asia

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