WEF Report- 'Future of Consumption in Fast-Growth Consumer Market – India' – Key Facts
The World Economic Forum has released the report ‘Future of Consumption in Fast-Growth Consumer Market – India’. The report was produced based on consumer surveys conducted by Bain & Company across 5,100 households in 30 cities and towns in India and draws from more than 40 interviews with private and public-sector leaders.
Highlights of the Report
The key facts highlighted in the report are:
- India would become the world’s third largest consumer market behind only USA and China by 2030.
- The consumer spending in India is expected to grow from USD 1.5 trillion at present to nearly USD 6 trillion by 2030.
- The domestic private consumption, which accounts for 60 per cent of the country’s GDP, is expected to grow into a USD 6-trillion growth opportunity.
- The report states that as India continues its path as one of the world’s most dynamic consumption environments, private and public-sector leaders will have to take shared accountability to ensure such consumption is inclusive and responsible.
- In spite of high growth rates, India needs to address critical societal challenges including skills development and employment of the future workforce, socio-economic inclusion of rural India and creating a healthy and sustainable future for its citizens
- Growth in income will transform India from a bottom of the pyramid economy to a middle class-led one.
- The consumption growth will be driven by rich and densely populated cities and the thousands of developed rural towns.
- India’s top 40 cities will form a USD 1.5 trillion opportunities by 2030 and thousands of small urban towns will also drive an equally large spend in aggregate.
- There will also be an opportunity to unlock nearly USD 1.2 trillion of spending in developed rural areas by improving infrastructure and providing access to organised and online retail.
World Economic Forum
World Economic Forum is the International Organization for Public-Private Cooperation. It is a not-for-profit foundation and is headquartered in Geneva, Switzerland. The World Economic Forum is committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.