India’s Consumer Market Set To Become The World’s Third Largest By 2027

Projected to rank behind U.S. and China

View Source | September 6, 2023 9:03 pm

  • India’s consumer market is set to become the world’s third largest by 2027 as the number of middle to high-income households rise, according to a report by BMI.
  • The growth in India’s household spending per capita will outpace that of other developing Asian economies like Indonesia, the Philippines and Thailand at 7.8% year-on-year, the report said.
  • The country’s ongoing urbanization will also help boost consumer spending as companies can more easily access consumers and open more physical retail stores to cater to them.

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