New Delhi, May 25 -- India's consumption story is increasingly being driven by affluent households spending more on premium products, experiences and digital lifestyles, even as mass consumption remains patchy and income growth uneven, according to a report by Kotak Mahindra Mutual Fund.

The report, titled "The Great Consumption Shift", said the Indian consumer wallet has undergone a structural transformation over the past two decades, moving away from staples towards discretionary and premium categories.

"Food is out, everything else is in," the report said, noting that the "share of food in monthly per-capita spend has collapsed in both rural and urban India, replaced by automobiles, mobile phones, eating out & rent."

The report high...