Wider economic recovery to drive India’s consumer spending growth

Consumer spending is expected to grow by 7.1% year-on-year in 2023. 

The wider economic recovery expected in India is amongst the key drivers for the projected growth of consumer spending in the market.

Consumer spending in India is expected to grow by 7.1% year-on-year in 2023, Fitch Solutions reported. 

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This will also be driven by the growing domestic demand and the improved resistance of consumers against diseases as the country continues its vaccination drive. 

“Although inflationary forces will rise across 2023, strong showings in real income growth for Indian consumers will give greater propensity for household spending growth,” the report read in part.