India could have the third largest number of high-income households by 2030. The country will be behind China and the United States in this achievement. By then, Mumbai is likely to have the fourth highest income households in Asia.

TOI recently gave a quote McKinsey Paper Said that Asian consumers will account for half of the global consumption growth in the next decade. This will be a $10 trillion opportunity, of which India will contribute $1.8 trillion.

“Asian consumers continue to face challenges associated with the COVID19 pandemic, but are likely to contribute half of global consumption growth over the next decade,” said Mahima Chugh, McKinsey partner in Mumbai.

Factors driving this growth include increasing number of high-income households, shrinking household size, doubling of consumer segment, senior citizens going online and the rise of e-commerce in the country.

The average household size in the country has been declining, with a decline of 16 per cent from 5.5 persons in 1999 to 4.5 persons in 2015. In addition, 55 percent of India’s population may belong to the consumer segment by 2030. This will be a significant improvement from the current 24 per cent.

“The consumer story of Asia for the next ten years and beyond is not only about scale and growth, but about increasing diversity. consumer market (in a region that is already extremely diverse) and how consumers in this region are taking new avenues,” said Jonathan Voetzel, a McKinsey senior partner in Shanghai and director of McKinsey Global Institute.

Similarly, with the increase in the number of senior citizens going online, their consumption could grow twice as fast as the rest of the population. The report said that consumption by people over the age of 60 could grow 1.6 times faster than the rest of the Indian population. The growth of e-commerce is also going to play an important role in this.

Similarly, with more senior citizens being online, their consumption could grow twice as fast as the rest of the population. The report said consumption by senior citizens (aged 60 years and above) could grow 1.6 times faster than the Indian population as a whole. New sales channels such as e-commerce, which is expected to grow at 25% annually till 2025, are also expected to fuel India’s growth story.