India's retail market growing rapidly, to reach 190 lakh crores!
The country's retail market is booming and is expected to reach more than Rs 190 lakh crore by 2034. A large number of retailers of the country will benefit from this. A report prepared by Boston Consulting Group and Retailers Association of india states that the needs of different classes of consumers in the country are also different, retailers will get a chance to know and understand them.
The number of sensible citizens is increasing rapidly
With the title 'Winning in Bharat & India: The Retail Kaleidoscope', this report states that the data-size of the retail market in india was Rs 35 lakh crore by 2014, which increased to Rs 82 lakh crore in 2024. There was an increase of more than 8.9 percent in the last decade. Behind this are the country's economic growth and rapidly growing sensible and different category consumers.
Boom in India's retail market
The report said that India's consumption growth remained consistent except during the time of the Kovid-19 epidemic and the highest increase in consumption will be seen between 2024 and 2034. The report further said, India's retail market is large and it is growing rapidly, which is expected to reach more than Rs 190 trillion by 2034, which shows the strong momentum of this sector.
'Retail Kaleidoscope' environment in India
The report also mentions that even though India's economy is growing rapidly, there are many contradictions in its population. Such as fast-growing middle class, affluent but price-conscious consumers, digitally aware Gen Z, growing population of the age group above 45. Along with this, purchase behavior is also getting a new shape with the increasing scope of female workforce. All of these together are creating an environment that can be called a 'retail kaleidoscope', in which there are many opportunities, but complexities are also not less.
