Finance

A look at India’s changing consumption trends in last 10 years

admin
In the last 10 years, consumers have shifted towards services, away from food, clothing, and housing, according to the National Account Statistics 2024 data. The share of essentials has declined in private final consumption expenditure (PFCE) between FY13 and FY23 while that on health and education among others rose.

Health saw 8.2% growth and education 7.5% growth. Overall, private final consumption expenditure (PFCE) grew by an average of 6%.

Source: MoSPI, ET calculations

Housing expenses dropped from 16.4% to 13% and clothing from 6.1% to 4.8%. Transport and communication also saw substantial growth at 8.2% and 7.8% respectively.

DECLINE IN SHARE OF ROTI, KAPDA AND MAKAN

Source: MoSPI, ET calculations

Growfast

The top spending areas were food (27.8%), transport services (9.3%), housing rentals (9.2%), personal transport operation (6.8%), and bread and cereals (6.3%).

PACKAGED FOOD RECORDED THE HIGHEST GROWTH AMONG FOOD

Source: MoSPI, ET calculations

Food and beverages remain the largest spending category, but their share decreased from 30.5% to 28.2%. Within this category, packaged food experienced the highest growth at 10.4%, followed by meat (8.7%), fish and seafood (8.3%), and eggs (7.1%).

FOOD STILL HAS A DOMINANT SHARE

Source: MoSPI, ET calculations

Nominations for ET MSME Awards are now open. The last day to apply is December 15, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *