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India’s retail market to touch $1.93 trillion by 2030: Deloitte-FICCI report
Gen Z is emerging as a powerful consumption driver, expected to contribute 43% of India’s total consumption in 2025, with direct spending power pegged at $250 billion
FICCI-Deloitte report underscored the growing consumer preference for ‘Made in India’ products, with 68% favouring local brands in food & beverages.
India’s retail and consumer sector is poised for massive expansion, with its market size projected to surge from $1.06 trillion in 2024 to $1.93 trillion by 2030, according to a Deloitte–FICCI report titled “Spotting India’s PRIME Innovation Moment”.
The report mentioned that online retail alone will rise from $75 billion in 2024 to $260 billion by 2030, boosting its share of total retail from 7% to 14%. Gen Z is emerging as a powerful consumption driver, expected to contribute 43% of India’s total consumption in 2025, with direct spending power pegged at $250 billion.
According to the report, tier 2 and 3 cities are at the forefront of this shift, accounting for over 60% of all e-commerce transactions. Quick commerce, already operating in more than 80 cities, is witnessing unprecedented growth at 70–80% CAGR — the fastest in the world.
The report underscored the growing consumer preference for ‘Made in India’ products, with 68% favouring local brands in food & beverages, 55% in home décor, and 53% in personal care. Sustainability is also shaping buying patterns, with over 60% of Gen Z and millennials choosing brands with transparent eco-friendly practices.
“India’s consumer ecosystem is entering a defining decade, fuelled by a young, digitally fluent population and the rising economic influence of Tier II and III cities,” said Anand Ramanathan, Partner & Consumer Industry Leader, Deloitte South Asia. He added that the next wave of growth would be driven by hyper-personalisation, omni-channel integration and sustainable local manufacturing.
The sector, contributing more than 10% to India’s GDP and employing nearly 8% of the workforce, is expected to benefit from evolving trade agreements, tariff realignments, and strong domestic demand, which together provide resilience against global volatility.
As India steps into this transformative phase, the report notes that FMCG, retail, and e-commerce players will need to anticipate shifting consumer behaviours and regional nuances to unlock the sector’s full potential.
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