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January 28, 2008
India's Consumer Sector Grows and Moves Beyond Necessities
McKinsey estimates that household spending in India will quadruple by 2025, creating the fifth largest consumer economy in the world. India is in twelfth position now. McKinsey believes that India's most affluent consumers will outnumber not only the comparable demographic in China but the entire current population of Australia.
The country's rising amount of aggregate disposal income will change the proportional amounts spent on necessities such as food and clothing. While 61% of Indian household spending was devoted to food and clothing in 1995, by 2025 this proportion will drop to 30%, McKinsey estimates. Spending on transportation, personal products and services, education, recreation, and health care is forecast to expand in aggregate from 22% of Indian household spending in 1995 to 52% by 2025.
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