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With a population of around 1.4 billion, India has one of the largest growing consumer markets in the world. Positive changes in areas such as urbanisation, demographic profiles, and disposable incomes, are leading to an increase in consumer spending.
Consumer spending in India is expected to witness significant growth over 2023, with household spending expected to grow by 7.1% y-o-y. In the long run, overall consumption, which currently accounts for around 60% of the GDP, is expected to more than double from US$2 trillion in 2022 to US$4.9 trillion by the end of the decade.
To take advantage of India’s positive attributes, companies must understand the unique challenges in the country, such as the urban-rural split, diversity in demand, regional differences, adoption of technology, key sales channels, as well as consumer preferences and spending patterns across the different socio-economic groups, to implement a successful market entry strategy.
Business Intelligence Manager, Koushan Das discusses India’s huge consumer market and highlight the key trends impacting its consumption patterns, opportunities in key sectors, challenges that could disrupt the market, and essential considerations for selling in India.
Koushan’s session covers the following:
- Breakdown of the Consumer Market
- Key Trends
- Opportunities in Key Industries
- Challenges Impacting Consumption Trends
- Selling in the Indian Market
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