The retail market will reach two trillion dollars in the next decade

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Mumbai: India's retail market is expected to double in size to two trillion dollars in the coming decade. The report, prepared by Boston Consulting Group and Retailers' Association of India (RAI), identified the latest trends in various sub-sectors, key factors shaping the future of retail in the country and their impact on retailers.

The retail market, estimated to be around $820-840 billion in 2023, is expected to grow at a rate of 9 to 10 percent in the next decade.

Steady growth in spending money, change in spending patterns, increase in savings and increase in the number of stores will see an increase in the size of the retail market.

Despite poor performance in the recent past due to various challenges, the report notes that organized retail has shown rapid growth.

The growth rate in the third quarter of the current financial year has been 5-10 per cent lower than in the third quarter of the financial year 2022-23, indicating short-term stress, yet retailers are optimistic about the future.

Profitability of domestic retailers will remain stable and in line with global competitors. Along with the steady growth in per capita income, there is also a change in the consumption expenditure pattern.

The growth of the service sector has been faster than that of the goods sector during the financial year 2018 to 2023. The report also noted an increase in consumer savings.

Since 2021, investment through SIP has increased by 28 percent and the number of demat accounts has increased by 30 percent in the one year period from December 2022.

Steady growth from the supply side will also support growth, the report further said. With increasing urbanization the number of stores is increasing due to which consumption is expected to increase. As the country's retail sector is on the verge of transformation, it is important for retailers in India to embrace the constant flow of innovation, the report said, emphasizing the use of new connections and artificial intelligence.

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