Mumbai, February 27 (IANS). Gen An increase in the share of premium goods in this consumption may be seen. This information was given in the report released on Friday.
The report by market research firm Redseer said that a sustained increase in per capita consumption will support consumption growth.
The report also said that healthcare spending by Generation
The report further said that spending on nutraceuticals is estimated to reach $20 billion by FY 2030, growing at an annual growth rate of 25 percent. It reflects an outcomes-focused approach to improving health and everyday well-being.
The report also states that Generation
Generation X people are now traveling slower, more leisurely and with a focus on amenities. Alternative accommodation and boutique hotels have seen a 25 per cent growth in demand for accommodation annually.
The report states that people of this generation prefer to stay in premium cabins and five-star hotels for leisure.
According to the report, education is still a traditional expense for Generation X parents. Urban families are spending up to Rs 10-20 lakh per child annually, with Cambridge and IB schools as well as education programs abroad being increasingly taken up.
Mrigank Gutgutia, Partner, Redseer Strategy Consultants said, “Generation
“This is a generation that has moved beyond discretionary spending to spend thoughtfully on better health, immersive travel experiences, better-designed homes and sustainable quality goods,” Gutgutia added.
Another recent report said India’s salaried class, especially young professionals, will drive the growth of India’s consumer durables market, which has an estimated annual growth rate of 11 percent and will reach Rs 3 lakh crore by 2029.
–IANS
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