India’s retail market has grown from ₹35 lakh crore in 2014 to ₹82 lakh crore in 2024, expanding at an annual rate of over 8.9%, according to a report by the Boston Consulting Group (BCG) and the Retailers Association of India (RAI). The market is projected to reach over ₹190 lakh crore by 2034.
India’s economic expansion and evolving consumer preferences are fueling this growth. More households are becoming affluent, but affordability remains crucial. Retailers must balance aspirations with value-for-money offerings.
The report highlights India’s diverse consumer groups. Even within a city, preferences vary widely. Retailers must identify key segments to succeed in both ‘Bharat’ and ‘India.’
Offline Shopping Still Dominates Retail Market
The omnichannel approach is critical as digital transactions and online shopping increase. However, 58% of purchases still happen offline, showing the continued importance of physical retail.
India’s retail market benefits from a growing middle class, rising affluence, and a digitally savvy Gen Z. Meanwhile, the 45-plus age group and an expanding female workforce are shaping new shopping behaviors. Retailers who adapt to these shifts stand to gain the most.
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