In the past 10 years, the domestic consumer market has grown three-and-a-half times to touch Rs 110 trillion, according to a report by Boston Consulting Group and the Retailers Association of India. The report ‘Going for Gold’ says the next 10 years will see the local market grow three times to touch Rs 335 trillion.
Factors contributing to this growth include rising affluence, continuing urbanisation, shifting family structures and the emergence of millennials. The nature of consumption itself is changing with preference for organised and online retail growing in the last decade. This will continue in the coming years.
