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
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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.
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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.
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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.
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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.
