Goldman Sees India’s Rising Affluent Class Buy Up Premium Goods
- Affluent Indians to almost double to 100 million by 2027
- Brands in leisure, jewelry, food and health to gain: Goldman
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Indian companies selling premium goods will outperform broad-based competitors as the country’s affluent class is expected to nearly double to 100 million people within three years, according to Goldman Sachs Group Inc.
Strong economic growth, stable monetary policy and high credit growth has increased the purchasing power of top earning Indians over the past decade. This has resulted in the number of affluent Indians earning above $10,000 per annum from 24 million consumers in 2015 to 60 million, or 4.1% of the population currently, according to a Goldman report published on Friday.