India's spending on travel set to be fourth highest globally by 2030

The country's consumption growth is set to accelerate as ‘affluent’ Indians nearly double, according to McKinsey & Co

Jan 22, 2024

Rising disposable incomes are set to power India’s consumption story, further boosting the country’s consumer sector that is fast becoming a key driver for economic growth. The country, which has relied heavily on business-to-business services and manufacturing to fuel growth, is on track to become a more consumption-focused economy, according to McKinsey & Co.

Key takeaways

  • The country’s consumer market is set to become the world’s third-largest by 2027, as the number of middle- to high-income households rises;
  • About 33% of India’s 1.4 billion people are estimated to be aged between 20 and 33 years, according to data from BMI, which is driving global firms to set up and expand operations in the country;
  • To meet booming travel demand, Indian carriers have been placing record aircraft orders with Akasa Air on Thursday ordering 150 Boeing 737 MAX planes.

Get the full story at CNBC

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