Middle-Class Boom to Drive $5.2 Trillion Consumer Spending by 2031: RedLab Report

India's middle class will revolutionize the economic story of the country, says Rediffusion's RedLab 'Rising to a Billion' report. India's consumer spend is expected to jump from $1.9 trillion to $5.2 trillion by 2031, with the middle class fueling 55% ($1.82 trillion) of expenditure. The report predicts that by 2047, 60% of India's population will be middle class, up from the current 31%. This demographic shift is expected to reshape market trends and consumer behavior, with the middle class growing at an annual rate of 6.3% since 1995. Despite challenges like inflation and rising living costs, this expansion positions India as a global consumption powerhouse.

 

Source: Economic Times