Retail segment in India (Fastest Growing Industry)

The Indian consumer is changing rapidly. The average consumer today is richer, younger and more aspirational in his or her needs than ever before. Consumers now value convenience and choice on a par with getting value for their hardearned money. A range of modern retailers is attempting to serve the need of the ‘new’ Indian consumer. The last few years have witnessed an explosion of organized retail formats like supermarkets and hypermarkets in an otherwise fragmented Indian retail market. With various factors impacting growth in retail, some segments are bound to grow faster than others. For instance, increasing affluence is driving growth in the watches and jewelry segment, while awareness of health is driving growth in lifestyle pharmaceuticals. The retailers who participated in the survey expect growth in retail segments across the board; however, food and grocery is expected to see the highest growth, with clothing emerging as the second fastest growing segment.