A new report by Boston Consulting Group (BCG) says India’s consumption market is back on the growth track after a year, having been disrupted by the pandemic. While growth projection for the consumption market was made before Covid-19 struck, BCG says that the economy has completely unlocked and there has been an uptick in demand across categories.
It says India’s consumption market will triple by 2030, though there could be a lag of 1-2 years induced by the pandemic. The consumption spurt will be driven by urbanisation, higher disposable incomes, and nuclear families.
BCG also notes that retailers will have to develop new strategies to tide over challenges that may emerge in the post-Covid world.
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