People check Apple Macbook laptops at the new Apple Inc. store in New Delhi, India on April 20, 2023.
India's consumer market is set to become the world's third largest by 2027 as the number of middle to high-income households rise, according to a report by BMI.
The country currently ranks fifth, but the Fitch Solutions company predicts a 29% increase in real household spending will push India up two spots.
"Overall, the gap between total household spending across ASEAN and India will also almost triple," the report said.
BMI estimates India's household spending will exceed $3 trillion as disposable income rises by a compounded 14.6% annually until 2027.
Organizations:
Apple Inc, BMI, Fitch Solutions, ASEAN
Locations:
New Delhi, India, Indonesia, Philippines, Thailand, Mumbai, Bengaluru