According to Falguni Nayar, founder, executive chairperson, and chief executive officer of beauty and fashion brand Nykaa, it is projected that by 2030, fashion, grocery, and general merchandise will make up two-thirds of the overall e-commerce demand. Speaking at the Startup Mahakumbh in New Delhi on Monday, Nayar noted that India is currently at a stage akin to where China stood 15 years ago. She emphasized that there is a noticeable shift in consumption behaviour at this critical juncture. Anticipating an S-curve trajectory in per capita income growth from US$ 2,500 today to US$ 5,500 by 2030, like China’s historical trends, Nayar expects the beauty and personal care (BPC) per capita expenditure to increase from US$ 15 presently to US$ 50 by 2030.
The trend of consumer behaviour is gradually moving towards this projection, with fashion being the second largest category bought online after electronics. By 2027, it is foreseen that fashion, grocery, and general merchandise will collectively account for two-thirds of the e-commerce market, signalling significant potential and opportunities for expansion.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.