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Strong Consumption Tailwind

A rising middle class and rapid urbanization continue to drive strong consumption growth.

India’s Rising Middle-class-Households share by annual income as % of total (FY10-FY30E)

Source – Technopak Estimates & Analysis

Indian Urbanization Trend (CY)

Source – World Bank, Technopak Analysis

293
493
601
819
Consumption Growth (% CAGR from CY14 to CY21)

Source – World Bank, RBI, Technopak Research & Analysis

Organized Retail Penetration

Low penetration of organized retail continues to capture market share from unorganized retail sector.

Limited Organized Retail Penetration (CY21)

Source – Secondary Research, Technopak Analysis

Overall Retail Market Split %

Source – World Bank, RBI, Technopak Research & Analysis

Limited Grade A Retail Stock

Per Capita Stock of Urban Consumption Centre (sf - As of December-2021)

Source – CBRE

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