印度不断变化的自由裁量支出：品牌的关键洞察

February 2025 Table of contents Foreword4 Introduction and consumer spending behaviour in India6 Introduction7 Key consumption trends and growth drivers7 Future outlook of discretionary expenditure11 Overall shifts expected in the retail market in India13 Sector-wise analysis15 Food and food service16 Apparel and footwear20 Health, wellness and fitness24 Home and household30 Gems and jewellery35 Consumer durables39 Travel and recreation (luggage)44 Education49 Implication for brands52 Conclusion62 Appendix64 Foreword Deloitte India stands at the cusp of a consumerrevolution. With rising incomes, rapidurbanisation and a tech-savvy, aspirationalpopulation, the country is emerging as oneof the world’s most dynamic consumptionmarkets. As discretionary spending accelerates(private consumption currently growing at7.3 percent for FY 24 and per capita incomesurpassing US$2,600 by FY 2025),1 evolvingconsumer preferences are reshaping industriesand redefining the competitive landscape. ByFY 2030, discretionary spending is expectedto register an 8.7 percent CAGR, with urbanspending growing at 8.4 percent and ruralspending posting a CAGR of 9.1 percent. and jewellery, consumer durables and food/food services, each category is experiencingsignificant change driven by evolvingconsumer aspirations, digital accelerationand increased brand awareness. The reportalso examines the specific drivers influencingthese sectors, such as the premiumisationof everyday products, the growing demandfor personalised experiences or the rise ofsustainability-driven consumption. Additionally,it explores how these trends will likely shapeeach sector's future trajectory, offering insightsinto emerging opportunities and potentialchallenges. Anand RamanathanPartner and ConsumerIndustry Leader,Deloitte India The implications for businesses are clear –success in this new era will require agility,innovation and a deep understanding of India’sdiverse consumer base. Brands must rethinktheir value propositions, embrace asset-litemodels and harness technology to createmeaningful consumer connections. Thoseanticipating and adapting to these shifts willbe best positioned to thrive in India’s evolvingretail landscape. This report explores the key forces drivingIndia’s consumption story – from the growingaffluence of middle-high-income householdsto the increasing influence of Gen Z andmillennials (expected to reach 50 percentof the population by 2030).2 It examinesthe transformation of retail, the surge inpremiumisation, the expansion of credit access(expected to grow 3X during 2024–2030), andthe evolution of experience-led consumptionacross sectors. By analysing shifts in householdexpenditure patterns, the rapid adoptionof digital commerce and the expansion oforganised retail (growing at a 10 percentCAGR and expected to reach US$230 billion by2030), the report provides a forward-lookingperspective on where the market is headed. Explore this report to gain a deeperunderstanding of the opportunities shapingIndia’s retail landscape. As consumerpreferences evolve and new business modelsemerge, this is a moment to reimaginestrategies, embrace innovation and buildstronger connections with India’s nextgeneration of shoppers. May this report serveas a catalyst for bold ideas, informed decisionsand sustainable growth in the years ahead. Praveen GovinduPartner,Deloitte India The report analyses key sectors to show howrising discretionary spending transforms them.From apparel, footwear, health, wellness andfitness to home and household items, gems Foreword RAI India’s retail landscape is evolving rapidly,shaped by rising incomes, expanding creditaccess and the growing influence of youngconsumers. As discretionary spending rises,brands have an unparalleled opportunity toengage with an increasingly aspirational anddigitally connected consumer base. For retailers, the challenge is twofold:understanding the evolving consumer mindsetand aligning strategies to meet these newexpectations. Organised retail is gainingmomentum, digital adoption is acceleratingand purpose-driven choices are becomingmainstream. As the sector adapts, brands thatstay ahead of these trends will thrive. The Retailers Association of India (RAI) has beencollaborating with Deloitte for years to decodethese shifts and help businesses navigate thechanging market. This year’s report, India'schanging discretionary spending: Key insightsfor brands, highlights key trends that will definethe future of retail – from premiumisation andexperience-driven consumption to the rise ofnew commerce models. This report serves as a valuable resourcefor retail leaders looking to tap into India’snext phase of consumption growth. Wehope these insights will enable businessesto craft strategies that resonate with today’sconsumers while driving sustainable andprofitable growth. Kumar RajagopalanCEO, Retailers Association ofIndia (RAI) Introduction and consumerspending behaviour in India Int