India’s online consumer expenditure is forecasted to more than double from $140 billion to $300 billion by 2030, according to a report by venture capital firm Elevation Capital. Against the backdrop of a thriving Indian start-up ecosystem and a promising economic outlook, with GDP (Gross Domestic Product) per capita expected to soar to $5,200 by 2031, according to the report. The report also highlighted that India’s top 2 per cent, or roughly 5 million households, will increase their pool of discretionary expenditures from $40 billion currently to $100 billion over the coming decade. The top 5 million households, constituting approximately 2 percent of the population, allocate approximately $40 billion annually towards discretionary expenditures. Over the next decade, this spending pool will expand to $100 billion as their incomes grow, the report noted. Pet care, leisure travel, personal care, quick service restaurants, apparel and durables are the key categories that will create winners in the consumer tech and brand space. New consumer brands are booming with the rise of direct-to-consumer strategies. The combined revenue of new-age consumer brands has crossed $5 billion, as per the report. Deepening e-commerce penetration, lowering cost barriers and internet access before discretionary income are enablers that are now converging to make brand-building both lucrative and exciting for entrepreneurs. As a consequence of the above, $50 billion of public market cap is to be contributed by new-age brands in discretionary categories by 2030, the report noted. (ICE NEW DELHI)

Fonte notizia: Business Line