Retail faced vast growth as an effect of the country’s economic increase
According to Financial Express, the Indian retail industry is set for a higher-end experience for 2023 as premium apparel, accessories, food, and beverages enter the market.
India has been experiencing growth in their GDP with the help of more global exposure and higher income, therefore presenting the countrymen as possible consumers for luxurious brands. Given their growing population and economy, even just the smallest percentage of their people consuming these luxury brands would bring a lot of revenue.
There was a shift in the consumer attitude as well with the shift in the economy. Mintel’s Indian Consumer Report on Attitudes to Premiumisation 2021 reported that half of Indians have become more willing to purchase more premium and high quality products at higher prices, especially with the growing accessibility of luxury brands in online platforms. This marks one of the reasons why the Indian retail market faced a shift after 2021.
The Times of India reported that the local retail sector recovered in 2022, earning INR69.2 trillion (USD836 billion), with 81.5 percent coming from traditional retail. The sudden surges of the pandemic in 2022 has led to more utilisation of e-commerce platforms, leading to brands focusing on online retail and increasing their online presence. This industry growth caught the attention of international companies, making them focus on retailing in India as well.
The industry is also banking on Gen Z and millennial consumers as they are the majority of the consumers with purchasing power; therefore, retailers began catering to factors that would catch their attention. Some examples of this would be utilising Augmented/Virtual reality or chatbots to assist in the shopping process and make the journey more convenient. Gen Z and millennials are tech-savvy generations, so taking steps to digital innovation for retail served as a good way to continue the momentum of the retail sector’s growth.
The Property Report editors wrote this article. For more information, email: [email protected].
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