New Delhi, Sept. 1 -- India is entering a new phase of consumption as rising incomes steadily expand the base of premium-ready consumers, according to a report by SOIC Research.

The report noted that incomes in the country have grown at a compound annual growth rate (CAGR) of around 7 per cent over the past decade. This steady rise in earnings is now fuelling a structural shift in consumer behaviour.

It stated "Incomes growing at approx. 7 per cent CAGR over the past decade are expanding the premium-ready consumer base".

The report said that India's per capita GDP, at about USD 2.7k in 2024, has entered the inflection range where discretionary spending historically accelerates.

Economists identify this level as the "inflection point",...