Consumer spending in India Q2 2018-Q2 2024
Consumer spending across India amounted to 24.57 trillion rupees by the end of the second quarter of 2024. It reached an all-time high during the fourth quarter of 2023.
What is consumer spending?
Consumer spending refers to the total money spent on final goods and services by individuals and households in an economy. It is an important metric that directly impacts the GDP of a country. Items that qualify as consumer spending include durable and nondurable goods and services. Various factors such as debt held by consumers, wages, supply and demand, taxes, and government-based economic stimulus can impact consumer spending in a country.
Positive consumer outlook in India
India’s consumer spending reflects a positive outlook with renewed consumer confidence post-COVID. Its consumer market is set to become one of the largest in the world as the number of middle- to high-income households rises with increasing amounts of disposable incomes. The country’s young demographic is also considered a driving force for increased consumer spending. Consumer electronics such as smartphones, laptops, and gaming consoles were the preferred items among Indian holiday shoppers in 2023.
