05 December 2022, Mumbai
India’s retail sector is expected to offer a plethora of possibilities and opportunities over the next ten years. So say industry experts and CEOs.
The world’s eyes are on India and if nothing as impactful as Covid or a global recession happens, India is expected to see high retail demand in the next decade considering the advantages of a youth economy and great transactions.
The real resurgence is expected to happen in 400 towns across India across all forms of retail including digital and non-digital. By 2030, retail in India is expected to be about two trillion dollars and contribute ten percent to GDP and eight percent to employment. The increasing customer base of GenZ and millennials highlights the need for a seamless and fast customer experience.
In terms of demand, Gen Z and millennials contribute about 77 percent. Very few countries are expected to offer the level of possibilities and opportunities that India can offer in the next ten years.
Among key trends expected to drive retail growth in India, demand has become somewhat premium. Consumers want to pay more and are willing to pay more. This is across the board and there is a massive opportunity for retailers to leverage this trend in the next decade.
