India is among the top five consumer markets in Asia offering retailers consumer spending growth of an average of 6.1 per cent over the next five years, says a report. According to BMI Research, a Fitch group company, China, Sri Lanka, Vietnam, India and Indonesia represent five favourite consumer markets in Asia, offering retailers the strongest consumer spending growth over its forecast period to 2021.
Some of the key factors responsible for increase in consumer spending include, increasing access to consumer credit, lower inflation, and a more favourable regulatory environment for foreign-owned retailers bodes well for India’s consumer sectors over the coming years.
The report further said India has a thriving e-commerce segment, with online retail sales expected to continue growing at double-digit rates over our forecast period.
“Due to limitations on the activity that overseas retailers are allowed to undertake, e-commerce has so far been dominated by local firms such as Flipkart and Snapdeal.”