High income households in India by 2030: India set to have third-largest number of high-income households globally by 2030.

High income households in India by 2030: India set to have third-largest number of high-income households globally by 2030.

Highlights

  • The average size of households in India is declining.
  • By 2030, 55% of India’s population may belong to the consumer segment.
  • The country may represent 27% of Asia’s consumer segment.


New Delhi
India will rank third in terms of high income households by 2030. The United States will be in first place and China in second. This has come out from McKinsey’s latest research paper. It has been said that Mumbai could be the fourth-ranked city in Asia in terms of high-income households. According to McKinsey research, Asian consumers will lead the growth and they could account for 50 per cent of global consumption growth in the next decade. This equates to a 10 trillion dollar opportunity. Consumption in India is also expected to increase by $18 trillion during this period.

These factors will contribute to India’s growth story
Mahima Chugh, partner at McKinsey in Mumbai, said, “Asian consumers are facing challenges associated with the COVID-19 pandemic, but they are expected to contribute 50 per cent of global consumption growth over the next decade.” Some of the factors contributing to India’s growth story include the rise and fall of high-income households, doubling of the consumer segment, senior citizens going online and the rise of e-commerce.

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Average size of houses is decreasing
The average size of households in India is declining. The size of households in the country decreased by 16 per cent from 1999 to 2015. Furthermore, by 2030, 55% of India’s population may belong to the consumer segment (spending more than $11 a day). Presently this number was only 24% and in the year 2000 it was 9%. Also the country can represent 27% of Asia’s consumer segment.

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