Consumer spending across India amounted to over 25.6 trillion rupees by the end of the fourth quarter of 2023. It reached an all-time high during the recorded period.
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.
Consumer spending in India from 2nd quarter of 2018 to 4th quarter of 2023
(in billion Indian rupees)
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Trading Economics. (March 20, 2024). Consumer spending in India from 2nd quarter of 2018 to 4th quarter of 2023 (in billion Indian rupees) [Graph]. In Statista. Retrieved August 30, 2024, from https://www.statista.com/statistics/233108/india-consumer-spending/
Trading Economics. "Consumer spending in India from 2nd quarter of 2018 to 4th quarter of 2023 (in billion Indian rupees)." Chart. March 20, 2024. Statista. Accessed August 30, 2024. https://www.statista.com/statistics/233108/india-consumer-spending/
Trading Economics. (2024). Consumer spending in India from 2nd quarter of 2018 to 4th quarter of 2023 (in billion Indian rupees). Statista. Statista Inc.. Accessed: August 30, 2024. https://www.statista.com/statistics/233108/india-consumer-spending/
Trading Economics. "Consumer Spending in India from 2nd Quarter of 2018 to 4th Quarter of 2023 (in Billion Indian Rupees)." Statista, Statista Inc., 20 Mar 2024, https://www.statista.com/statistics/233108/india-consumer-spending/
Trading Economics, Consumer spending in India from 2nd quarter of 2018 to 4th quarter of 2023 (in billion Indian rupees) Statista, https://www.statista.com/statistics/233108/india-consumer-spending/ (last visited August 30, 2024)
Consumer spending in India from 2nd quarter of 2018 to 4th quarter of 2023 (in billion Indian rupees) [Graph], Trading Economics, March 20, 2024. [Online]. Available: https://www.statista.com/statistics/233108/india-consumer-spending/