India’s retail market to exceed Rs 190 lakh crore by 2034, driven by diverse consumer trends
New Delhi: India’s retail market is projected to surpass Rs 190 lakh crore by 2034, up from Rs 82 lakh crore in 2024, reflecting an 8.9% annual growth over the past decade, according to a report by BCG and the Retailers Association of India (RAI), The Economic Times report said.
The study, titled Winning in Bharat & India: The Retail Kaleidoscope, highlights India’s evolving consumption patterns, shaped by rising affluence, price-conscious consumers, digital adoption, and an expanding female workforce.
Despite growing e-commerce penetration, 58% of retail transactions remain offline.
Retailers must adapt to regional contrasts, balancing affordability with aspiration, and online with offline strategies.
The report notes that successful players focus sharply on selected consumer segments, excelling either in value-driven mass markets or premium experiences.
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