India could be home to the third-largest number of high-income households globally after the US and China by 2030 with Mumbai likely to be the fourth-ranked city in Asia for the same.
The development is set to be propelled by Asian consumers who are expected to account for half of global consumption growth in the next decade, equivalent to a $10-trillion opportunity, showed the latest McKinsey research paper. In India, too, consumption is expected to get a boost by $1.8 trillion during the period.
“Asian consumers continue to face challenges associated with the pandemic, but are likely to contribute to half of all global consumption growth in the next decade,” said Mahima Chugh, a McKinsey partner in Mumbai.
Some of the factors that will contribute to India’s growth story are rising highincome households and shrinking household size, doubling of the consuming class, seniors going online and the rise of e-commerce.
In India, for instance, the average size of households is shrinking with the country having witnessed a 16% decline, from 5.5 to 4.5 persons, from 1999 to 2015.