Key Points
The number of "affluent" Indians - people with annual income of $10,000 (about 8.3 lakh) or more - has grown 12 times faster than the population in the past four years and is set to become 100 million by 2027, according to a Goldman Sachs report released on Friday...
The report, titled 'The Rise of Affluent India', said this growing affluent class is having a direct impact on consumption in segments like leisure, jewellery, out-of-home food, healthcare and premium brands across categories, with mid-teen growth expected over the medium term..
Companies that address top end consumption grew faster than those targeting broad based consumption in the past four years, it said...
About 4% of the working age population qualifies to be called "affluent", the report said.. Income tax filings during the 2017-22 assessment years increased at 8% CAGR..
This group of companies is projected to report a 7% increase in FY24 revenue as per consensus analyst estimates, compared with a 3% fall in revenue at the broad-based consumption companies, it said.. (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)..
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