India's retail market reaches Rs 82 lakh crore in 2024, with continued growth expected

India's retail market reached ₹82 lakh crore in 2024, up from ₹35 lakh crore in 2014, growing at over 8.9% in the last decade, driven by India's economic growth and an increasingly discerning and diverse consumer base, said a report titled 'Winning in Bharat & India: The Retail Kaleidoscope' prepared jointly by the Boston Consulting Group (BCG) and the Retailers Association of India (RAI).

The Indian retail market is expected to reach over ₹190 lakh crore by 2034 and retailers capable of embracing the country's diverse demographics and contrasting consumer behaviours stand to gain the most, according to the report

With distinct consumer groups, each with their own unique needs even within a city, retailers will need to recognise the different opportunities and pick sharply where they want to play to be successful in 'Bharat' and 'India', said the report.


At the heart of this expansion lies an increasingly discerning and diverse consumer base. More households are moving into affluence and at the same time, value-for-money remains key to decision-making, hence retailers must strike a careful balance between driving aspiration and maintaining affordability..

"Even as India remains the fastest-growing major economy, its population is marked by striking contrasts, a burgeoning middle class and rising affluence alongside price-conscious consumers, a digitally savvy Gen Z coexisting with an increasingly significant 45-plus cohort, and an expanding female workforce helping shape new purchase behaviours," the report said.

The report pointed out that omnichannel dynamic has been crucial with surging digital payment transactions and online penetration continuing to climb. Yet the majority of purchase pathways, over 58%, still remain purely offline.