India rated one of the top five consumer market in Asia

indian-consumer-marketBMI Research reported that India is among the top five consumer markets in Asia offering retailers the strongest consumer spending growth of an average of 6.1 per cent over the next five years. The other four countries are China, Sri Lanka, Vietnam and Indonesia.

According to the report, the real consumer spending growth in 2017 will be 6.2 per cent. The factors responsible for increase in consumer spending in India include increase in access to consumer credit, lower inflation and favorable regulatory environment for foreign owned retailers. These factors will continue to boost India’s consumer sectors in the coming years. India’s thriving e-commerce segment is expected to grow at double-digit rates in the forecast period up to 2021.

The report has observed that due to the limitations of activities for overseas retailers, e-commerce has been dominating. Bricks-and-mortar retailers have also began to foray into the e-commerce segment supported by the high mobile penetration in the country.