Indian Online Consumer Spending Predicted To Reach USD 300 Bn By 2031

ENA Economy 2024-04-25 14:08:11 New Delhi, Apr 25 (KNN) India's online consumer expenditure is forecasted to more than double from USD 140 billion to USD 300 billion by 2030, according to a report titled What If…We Win? by venture capital firm Elevation Capital. This surge in consumer spending is projected against the backdrop of a thriving Indian start-up ecosystem and a promising economic outlook, with the country's GDP per capita expected to soar to USD 5,200 by 2031. The report highlights that India's top 2 per cent, or roughly 5 million households, will witness a significant increase in their pool of discretionary expenditures, rising from the current USD 40 billion to USD 100 billion over the coming decade. Elevation Capital has identified several key categories that are poised to create winners in the consumer tech and brand space, including pet care, leisure travel, personal care, quick service restaurants (QSRs), apparel, and durables. The report also sheds light on the booming trend of new consumer brands fuelled by the rise of direct-to-consumer (D2C) strategies. The combined revenue of new-age consumer brands tracked by Elevation has already crossed the USD 5 billion mark. This growth is being driven by deepening e-commerce penetration, lowering cost barriers, and internet access preceding discretionary income factors that are now converging to make brand-building both lucrative and exciting for entrepreneurs. Elevation Capital anticipates that new-age brands in discretionary categories will contribute USD 50 billion in public market capitalisation by 2030, further underscoring the potential of India's consumer market. (KNN Bureau) 37553 https://knnindia.co.in/news/newsdetails/economy/indian-online-consumer-spending-predicted-to-reach-usd-300-bn-by-2031 2024-04-25 14:08:11 knnindia.co.in Indian Online Consumer Spending Predicted To Reach USD 300 Bn By 2031