Gems and jewel – From mines to markets

Global economic momentum is being driven by emerging markets, particularly those in Asia, such as India and Southeast Asia, where sustained GDP growth, rising disposable incomes, and digital adoption are shifting consumption patterns and catalyzing retail expansion. Lifestyle-led discretionary spending and omnichannel retail adoption are rising across both emerging and developed markets, as consumers increasingly prioritize style, quality, and convenience in their purchase journeys. India’s retail market crossed the $1.12 trillion mark in FY24, reflecting both the strength of everyday essentials and the rising pull of discretionary categories. While food and groceries continue to dominate household budgets, consumer preferences are increasingly tilting toward aspirational spending. Segments like jewellery (~$68B), electronics and durables (~$52B), and fashion and furnishings (~$35B) are no longer niche; they represent a growing lifestyle shift. Even relatively smaller categories such as footwear, books & music, and pharmacy are expanding steadily, while a diverse “others” basket worth nearly $185B underscores just how broad and dynamic India’s discretionary consumption story has become.