India's retail market reaches Rs. 82,00,000 crore (US$ 939.8 billion) in 2024, with continued growth expected

India’s retail market expanded from Rs. 35,00,000 crore (US$ 400.9 billion) in 2014 to Rs. 82,00,000 crore (US$ 939.8 billion) in 2024, growing at an 8.9% annual rate, according to a report by Boston Consulting Group (BCG) and the Retailers Association of India (RAI). The market is projected to exceed Rs. 1,90,00,000 crore (US$ 2.18 trillion) by 2034, fueled by economic growth and an increasingly diverse consumer base. The report highlights that retailers adapting to India’s varied demographics and contrasting consumer behaviors will gain the most, as purchasing patterns differ significantly across regions and cities. 

India’s retail landscape is shaped by a growing middle class, rising affluence, and a digitally connected Generation Z coexisting with an expanding 45-plus age group and a growing female workforce. While digital payments and online shopping are rising, over 58% of retail purchases still happen offline, reinforcing the need for an omnichannel strategy. Retailers must balance aspirational buying with affordability, as value-for-money remains key to consumer decisions. To succeed in both Bharat (traditional markets) and India (modern urban consumers), businesses need sharp, targeted strategies catering to distinct customer segments. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.