Key Points
Indian consumers in tier-2, tier-3 and rural markets have invested significantly more on consumer durables, education and consumer services compared to staples, a new report said..
The report by consumer insights think tank The Bharat Lab, draws conclusions on how such consumers spend, based on the household consumption expenditure survey report for 2022-23...
Over a two-decade period, spends on beverages and processed foods have doubled from 4.19% to 9.62% in 2022-23..
Spends on consumer durables have surged by nearly 170%, and consumers in these markets have spent more than 70% on education and consumer services, the report by Bharat Lab, a joint venture between Rediffusion Brand Services and Lucknow University, notes...
States such as Goa, Uttarakhand and Rajasthan, top tourism draws, tend to have the higher monthly expenditures, indicating the importance of alternative and ancillary industries in developing a more empowered consumer class...
