Key Points
The frenzy for Coldplay tickets shows India's strengthening consumption story even as disposable incomes rise, the number of rich grows at a fast pace, the size of the middle class increases and a trend of premium consumption sweeps across sectors..
The surveys by People Research on Indias Consumer Economy (PRICE), an independent, not-for-profit think tank and facts tank, show that by the end of this decade, the structure of the countrys demographics will change from an inverted pyramid, signifying a small rich class and a very large low-income class, to a rudimentary diamond, where a significant part of the low-income class moves up to become part of middle class...
It's not just Indians who are part of affluent and aspiring middle classes (those who are willing to buy Coldplay tickets at sky-high prices) who are witnessing a rise in lifestyle and consumption..
The Household Consumption Expenditure Survey also shows that India's poorest households and those at the bottom of socio-economic standing have seen their per-capita spending grow faster than better-off households in the last decade, although on a lower base...
Consumption spending in marginalised groups such as Scheduled Castes, Scheduled Tribes and Other Backward Classes rose a percentage point faster every year compared with the other groups, indicating a decline in consumption inequity between upper and lower castes in the country since 2011-12, Et had reported in June based on official data...
You might be interested in
How the middle class will play the hero in India's rise as world power
09, Jul, 23Imagine desi companies easily growing into global biggies supported by vast domestic scale. Growing disposable incomes, along with the rise of the middle class, will make India a consumption powerhouse.