India’s per capita income reached over $2,000 in 2019, marking a significant milestone for the country. This increase in income often leads to a rise in consumer spending, as people tend to spend more on non-essential items once they reach this income level. Looking ahead to 2030, forecasts suggest that around 155 million households in India will earn more than $9,500 each year, which could further boost economic growth and consumer demand.
Gen Z Sparks a Beauty Revolution in India: L’Oreal and Estée Lauder Thrive Amidst Growing Demand
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