Business

India’s Retail Market Hits ₹82 Lakh Crore In 2024, Set To Reach ₹190 Lakh Crore By 2034

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.

Also Read: Private Equity & Venture Capital (PE-VC) Investments In India See Strong Growth

Ajaypal Choudhary

Recent Posts

Hina Khan Hails 11 Years Of PM Modi’s Leadership; Highlights National Progress

As the nation marks 11 years under PM Modi's leadership, actress Hina Khan shares her…

1 hour ago

Subhash Ghai Hails PM Modi’s Transformative Vision For India

Subhash Ghai has praised PM Narendra Modi’s leadership for catalysing India’s growth and changing the…

2 hours ago

India & Central Asia Boost Rare Earth Cooperation At Delhi Meet

India and five Central Asian nations have agreed to deepen cooperation on rare earths and…

2 hours ago

PM Modi’s Beej Se Bazaar Tak Vision Reshapes Indian Agriculture

Prime Minister Modi has redefined Indian agriculture with the ‘Beej Se Bazaar Tak’ vision, transforming…

3 hours ago

EV Sales Cross 4% Mark In May; Signalling Steady Shift To Green Mobility

EV sales topped 4% of passenger vehicle retail in May 2025, signalling growing demand for…

3 hours ago

Self-Reliant Defence Industry Marks India’s Strategic Security Ascent

One year into Modi 3.0, reforms have reduced poverty, strengthened defence, and accelerated the digital…

3 hours ago