Whalesbook
A report by the Economic Advisory Council to the Prime Minister (EAC-PM) reveals a major shift in Indian household spending. Consumers are moving away from basic necessities like clothing and footwear towards asset-building items such as personal goods, cooking appliances, and vehicles. This trend, observed even among lower-income groups, is driven by increased awareness, better financial access, and market connectivity. Mobile phone ownership has become near-universal, influencing entertainment choices, while motor vehicle ownership is rapidly growing, showing strong urban-rural convergence.