Indian shoppers increase spending
18/09/2008
Indian shoppers will spend close to $500 billion on consumer goods and services in 2010, up from $360 billion last year, according to a bullish outlook released on September 18.
Retailers expect 300 million aspirational middle-class Indians to shop much more in the near future, their confidence buoyed by likely wage rises of 15% a year over the next few years and an economy growing at around 8%.
Experts split retail in India into two sections, modern and traditional. The modern retail sector’s share of India’s footwear market is believed to be only 11% at the moment.
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