- India's affluent consumer base is projected to grow more than fourfold over the next decade, potentially overtaking China by 2036, according to a report by NielsenIQ and World Data Lab.
- The report estimates that India will have around 10.8 crore affluent consumers by 2036, compared with 10.3 crore in China.
- Currently, India has an estimated 2.6 crore consumers in the high-spending category, which is expected to increase significantly.
- The United States will remain the world's largest affluent consumer market, with an estimated 23.1 crore people in this category by 2036.
- The number of affluent consumers in India is expected to rise by 8.2 crore over the next decade, marking the largest increase among the markets highlighted in the report.
- The projections are based on consumer spending rather than income or wealth, with those spending more than $90 a day classified as affluent consumers.
India's affluent consumer base is set to grow significantly, with projections indicating an increase from 2.6 crore to 10.8 crore by 2036. This growth could see India surpass China, which is expected to reach 10.3 crore affluent consumers.12
The report by NielsenIQ and World Data Lab highlights that India will add approximately 8.2 crore affluent consumers over the next decade, marking the largest increase among the markets analyzed.5
Currently, India has about 64.9 crore core consumers—those spending between $13 and $90 daily. The affluent category, defined as those spending over $90 a day, is projected to see a dramatic rise, indicating a shift in global consumer spending patterns.
The United States is expected to remain the largest affluent consumer market, with an estimated 23.1 crore affluent individuals by 2036. However, the report suggests that India’s growth could provide companies with new opportunities beyond China.4
The projections are based on spending rather than income, with affluent consumers expected to spend $35.9 trillion this year, compared to $31.6 trillion from the larger core consumer group. By 2036, global spending by affluent consumers is projected to reach $64 trillion.
This shift in consumer demographics could significantly impact global markets, prompting brands to reconsider their strategies in light of India's burgeoning affluent class.
“The report defines affluent as spending over $90 daily, while core consumers spend $13–$90; India already has 64.9 crore core consumers. Affluent consumers globally are set to spend $35.9 trillion this year, nearly double the core group's $31.6 trillion.”
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