100 crore Indians--90% of population--have no money to spend on non-essential items; 10% are consuming class: Report https://www.livemint.com/news/india/100-crore-indians-have-no-money-to-spend-on-non-essential-items-report-11740593010860.html a study by venture capital firm Blume Ventures..describes aspirant consumers as "heavy consumers and reluctant payers". It highlights that industries like OTT/media, gaming, edtech, and lending are particularly relevant to this segment. The introduction of UPI and AutoPay has facilitated small-ticket transactions, encouraging greater participation from this group in the economy... wealth is becoming more concentrated. Companies are increasingly focusing on premiumisation, a strategy that emphasises high-end, expensive products tailored for wealthier consumers. This trend is evident in the booming sales of luxury homes and premium smartphones, even as budget-friendly options struggle...The report concludes that India’s GDP remains heavily dependent on consumer spending. However, unless income distribution improves, businesses may increasingly cater only to high-income groups, further marginalising a significant portion of the population.
full report: https://docsend.com/view/pyxuqunkm9ejw38q#