Key Points
Recently released Household Consumption Expenditure Survey data showed Indians are spending less on food, particularly staples like rice and wheat, and more on discretionary items such as processed food, as well as durables like televisions and fridges..
As retail is going through key shifts, the pace of growth is influenced by several factors such as steady growth in disposable incomes, return of store expansion, momentum through small formats, increase in affluence impacting categories differentially, varied mix of volume and average selling price, steady increase in urbanization and relatively slower growth for e-commerce versus recent past..
Indian consumers are increasingly spending more on experience than on products, creating an 'experience economy' which poses a challenge to consumer good retailers despite a vast growth potential ahead...
Product categories include food, beverages & tobacco (fresh food & dairy, staples, packaged foods & beverages, tobacco); clothing & footwear; housing & household products, and health (health goods), while services include medical and health services, transport & communication, education, holidays/entertainment, eating out/ordering food, leisure travel, activity classes, and other services such as insurance premiums and personal care...
Retailers across categories are opening bigger bricks-and-mortar stores along with expanding their existing stores as consumers are increasingly looking for a better experience in physical retail, real estate services firm Anarock had said a few months ago..
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