India’s retail market will be Rs 190 lakh crore by 2034: Report

India, the world’s fastest growing economy, can make the third largest GDP by 2030. With this, the consumption of the country will also increase and it is estimated to increase to Rs 190 lakh crore by 2034. This information was given in a report released on Thursday. According to the report of Boston Consulting Group (BCG) and Retailers Association of India (RAI), consumption consumed in the country is growing much faster than other big economies. This reflects the strength and speed of the region.

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In the last decade, India’s retail market has increased from Rs 35 lakh crore to Rs 82 lakh crore, which shows 9 percent speed on an annual basis. BCG Managing Director and Senior Partner, Abhik Singhi said that it is expected to reach Rs 200 lakh crore in the next decade and it will provide good opportunities to all. By 2035, there are several opportunities for retailers with several trillion rupees turnover.

It is estimated that by 2030 the number of families rich will be three times, which will create important opportunities in the premium and luxury retail, while the common consumer class will remain the major consumer basis. The report said that sometimes the growth of the sector remains strong despite a period of rapid instability. Organized retail sector is constantly strengthening its penetration in the market.

The report said that Jane Z and Millennials are large consumer groups, which makes it necessary to keep pace with their value and digital-first habits. Meanwhile, the 45 plus age group will become the largest group in the next decade, which will emerge many new trends including consumer health. The report said that despite reaching 50 percent of online shopping access, 58 percent of the people are completely dependent on the offline method for purchase.

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