Phygital Retail Convention deliberates the rising discretionary spending trend

MUMBAI, 24th AUGUST, 2022 (GPN): India’s merchandise retail is set to undergo a paradigm shift in the next decade with the introduction of 5G network and rising per capita income of Indians in sync with the surging economy over the next decade, said Arvind Singhal, Chairman, Technopak – a management consulting firm here at Phygital Retail Convention 2022 today. 

Speaking at the inaugural session of the two-day Phygital Retail Convention, Mr. Singhal said, “Open Network for Digital Commerce will be the biggest transformation in Indian retail as the 5G network penetrates and facilitates in product discovery much faster.”

Consumption and spending pattern will be more digital and without doubt it will not be limited to physical retail store, he said addressing a power-packed audience from the retail and digital space. Capturing the retail story of India in the past three decades, Mr. Singhal said, “If India’s per capita consumption crosses the USD 5000 hurdle over the next decade from USD 2000 as of now, then discretionary spending will rise as the country’s merchandise retail will rise to USD 1.8 trillion from the USD 800 billion now.”

As an economy, India will fundamentally be different ten years from now. From being USD 300 billion economy in 1992 to around USD 3 trillion economy in 2022, Indian economy would be around 1.5 times of what we are today to around USD 7.5 trillion, assuming no adverse impact in USD-rupee parity, Mr. Singhal said.

India is on the verge of launching its 5G network that will be 10 times faster than the prevailing 4G network, in around 13 select cities in the first phase by the top telecom companies of Asia’s third largest economy.

However, amid all the euphoria of rising online and digital consumption, Pushpa Bector, Executive Director, DLF Retail said that more Indian consumers were engaging in out-of-home activities, led by higher-income households and their overall optimism has steadily increased over the past two years post-pandemic.

Bector also expects retail leasing across 2022 to grow to its highest levels since 2018, particularly in the second half of the current calendar year with the entry of international brands.Ends

About Phygital Retail Convention:

Phygital Retail Convention (PRC) is India’s go-to retail intelligence event. It aims to bring together multiple stakeholders in global retail businesses to hack the most critical disruption-ready strategies around consumer behaviors, technology and innovation. Phygital Retail Convention (PRC) 2022 aims to power the transformation of Retail in the dual and complex market of India/Bharat.

About IMAGES Group:

IMAGES Group is the largest retail intelligence organisation in South Asia and the Middle East, whose numerous items and administrations work as impetus for the productive development of present day retail through information stage initiative. The Group’s knowledge platforms incorporate print and online reportage, research review, and significant yearly business occasions with Conferences, Master-Classes and Workshops serving multiple verticals/fragments/tasks of retail and D2C organizations.