Fuelling remarkable growth and investment prospects
In the past decade, the retail landscape in India has undergone a remarkable transformation, experiencing unprecedented growth and positioning itself as a major player on the global stage. Projections indicate that by 2027, the Indian retail market is set to soar to a staggering $1.1 trillion, solidifying its position as the fourth-largest retail market in the world.
One of the key factors contributing to India’s retail success is its burgeoning population, currently the second largest globally. Urbanisation is on the rise, and the retail sector is capitalising on connected rural consumers who are becoming an integral part of the market. Moreover, increased discretionary spending among consumers is fuelling the demand for a diverse range of products and services.
The retail sector’s growth rate is projected to be an impressive 10% from 2022 to 2032, underlining the sector’s resilience and adaptability. This robust expansion is not only significant for the overall economic landscape but also reflects positively on job creation. Currently contributing over 10% to the country’s GDP and employing around 35 million people, the retail sector is expected to generate an additional 25 million jobs by 2030, offering a substantial boost to employment opportunities.
India’s digital economy is another pivotal aspect of its retail success story. With a projected value of $1 trillion by 2030, the digital economy is seamlessly integrating with the retail sector, offering consumers innovative and convenient shopping experiences. This digital transformation is not only fostering efficiency in supply chains but also creating new avenues for businesses to connect with consumers in an increasingly interconnected world.
Investors are taking note of India’s potential, and the country consistently ranks among the best for investments in the retail space.
The intersection of a vast population, an expanding middle class, urbanisation patterns, connected rural consumers, and the prospect of rising discretionary spending depicts a market full of potential opportunities.
As India’s retail sector continues to evolve, stakeholders must adapt to changing consumer preferences, embrace digital advancements, and explore innovative strategies to thrive in this dynamic and competitive landscape.
