NEW DELHI— India’s organized retail sector is expanding at a compound annual growth rate (CAGR) of 10% and is projected to reach $230 billion by 2030, according to a joint report by Deloitte and the Retailers Association of India (RAI), as published by Hindustan Times.
The report, A Roadmap for Brands, attributes this growth to rising disposable incomes and shifting consumer preferences. It highlights an increasing demand for experience-driven retail spaces, omnichannel shopping—seamlessly blending in-store and online experiences—and hyper-personalized services, pushing brands to evolve their engagement strategies.
India’s private consumption has more than doubled, growing from $1 trillion in 2013 to $2.1 trillion in 2024 at a 7.2% CAGR. This expansion has outpaced major global economies, including the United States, China, and Germany.
By 2030, India’s gross domestic product (GDP) is projected to reach $7.3 trillion, with consumption contributing 60% to the economy, solidifying the country’s position as a global consumption powerhouse, the report said.
Anand Ramanathan, partner and consumer industry leader at Deloitte India, said the country’s consumer landscape is undergoing a fundamental transformation. “The surge in discretionary spending, expanding digital commerce, and greater access to credit are redefining the way brands engage with consumers,” he said. “By 2030, India’s per capita income is expected to surpass $4,000, unlocking new opportunities across sectors.”
Kumar Rajagopalan, CEO of RAI, added that discretionary spending in India is entering a new phase of growth, fueled by increasing incomes, digital adoption, and evolving consumer preferences. “This joint report provides a roadmap for brands to navigate these shifts and build meaningful connections with today’s aspirational consumers,” he said.
The report highlights the rapid expansion of India’s middle class. By 2030, the number of Indians earning more than $10,000 annually is projected to rise nearly threefold, from 60 million in 2024 to 165 million.
“With rising affluence, consumers prioritize quality, convenience, and experiences over price,” the report states. It also notes that Gen Z and millennials—who make up 52% of the population—are driving demand for premium brands, sustainable products, and hyper-personalized experiences, setting new trends in India’s retail sector.