Retail Market to touch US $ 2 Trillion by 2033

John

29/Feb/2024

A joint report by the Boston Consulting Group (BCG) and the Retailers Association of India (RAI) forecasts a remarkable growth trajectory for India's retail market, poised to reach US$ 2 trillion over the next decade.

This optimistic projection is underpinned by shifting consumer preferences towards experiential spending, such as travel and entertainment, signaling a departure from traditional purchase patterns. Despite recent challenges, including a slight dip in year-on-year growth and subdued performance by certain large retailers, the organized retail sector exhibits resilience, maintaining consistent profitability in line with global benchmarks.

Since 2010, India's retail landscape has witnessed a remarkable expansion of over 200%, fueled by a burgeoning middle class and the entry of international fashion and food chains. The sector is anticipated to sustain a robust growth rate of 9-10% in the coming years, underscoring its substantial potential.

However, navigating this competitive environment will necessitate retailers' adeptness in adapting delivery models, harnessing the power of artificial intelligence (AI) and analytics, and implementing effective cost management strategies. Notably, consumption patterns have undergone significant evolution, with diverse goods and services registering varying growth rates between FY18 and FY23.

Key consumption categories encompass food, beverages, clothing, housing, transportation, education, leisure, and personal care products. Furthermore, consumption trends highlight a discernible shift towards services and premium offerings, buoyed by increased household savings and investments. Demand for luxury items is particularly pronounced among elite households, while urbanization has spurred consumption across cities of all tiers.

Disclaimer

The information provided on this website is for educational and informational purposes only and should not be considered as financial advice, investment advice, or trading recommendations.

Trading in stocks, forex, commodities, cryptocurrencies, or any other financial instruments involves high risk and may not be suitable for all investors. Prices can fluctuate rapidly, and there is a possibility of losing part or all of your invested capital.

We do not guarantee any profits, returns, or outcomes from the use of our website, services, or tools. Past performance is not indicative of future results.

You are solely responsible for your investment and trading decisions. Before making any financial commitment, it is strongly recommended to consult with a qualified financial advisor or do your own research.

By accessing or using this website, you acknowledge that you have read, understood, and agree to this disclaimer. The website owners, partners, or affiliates shall not be held liable for any direct or indirect loss or damage arising from the use of information, tools, or services provided here.

Services

Retail Market to touch US $ 2 Trillion by 2033

Related News

Disclaimer