India’s rising incomes could drive a major shift in consumer spending, HSBC says
- India could become the world’s third-largest consumer market by 2027, according to Hong Kong and Shanghai Banking Corporation.
- Per capita income could rise from $2,300 ₹2.2 lakh to $5,000 ₹4.8 lakh by 2030.
- Around 43 million households could move into affluent and elite income groups by 2030.
- Higher incomes are shifting spending towards premium products, travel, services and other non-essential purchases.
Source: firstpost.com
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