NEW DELHI, Oct. 17 (Xinhua) -- India's retail industry is expected to grow exponentially to reach 1200 billion U.S. dollars by 2021 and 1750 billion dollars by 2026, according to a new report released in New Delhi on Wednesday.
The report titled "EVOLVE for consumers" by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Deloitte stated "The growth is expected to be not only witnessed by large cities and metro but also Tier 2 and Tier 3 cities. The increase in consumption expenditure also drives growth in the retail industry. The total consumption expenditure is expected to grow at 25 percent to reach 3600 billion U.S. dollars by 2020, from 18,248 billion U.S. dollars in 2017."
The organised food and grocery segment are expected to reach 75.1 billion dollars by 2025.
The report also mentioned that the consumer markets are evolving rapidly with the help of technology in an environment where data is the new oil. In such a highly competitive scenario, companies cannot afford to overlook any aspect of the shopping journey and lag behind in the competitive market. Consumer experience has become more crucial than ever and brands must constantly innovate to offer novel products and services to cater to modern consumers' demands, it added.
