The latest data from India’s Household Consumption Expenditure Survey (HCES) 2022-23 reveals significant shifts in spending habits, with per capita monthly household expenditure more than doubling over the past decade. The findings indicate a decline in food expenditure, a rise in spending on non-food items, and increased investment in education, health, and transportation. These insights provide valuable guidance for businesses and policymakers, highlighting opportunities to address evolving consumer needs and enhance overall welfare.Have we grown rich?
The latest data from India’s Household Consumption Expenditure Survey (HCES) 2022-23 reveals significant shifts in spending habits, with per capita monthly household expenditure more than doubling over the past decade. The findings indicate a decline in food expenditure, a rise in spending on non-food items, and increased investment in education, health, and transportation. These insights provide valuable guidance for businesses and policymakers, highlighting opportunities to address evolving consumer needs and enhance overall welfare.