With demand from the top 100 million most affluent consumers beginning to falter — evident from plummeting sales of everything from cars, bikes, air tickets to houses — the general consensus is that to sustain even a moderate 6 per cent to 7 per cent economic growth rate, consumption has to kick in in a meaningful way with the next 300 million people in the socio-economic ladder.
Consumers in the top quintile, accounting for almost half of income and a third of consumption expenditure, have already been tapped and their appetite and preferences for a host of products and services ...
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