India has witnessed a fundamental shift in the consumer economy, led by its rural population. In its series, Bread and Butter Economy, Mint has previously captured this trend wherein rising aspirations, improved connectivity and more buying power have ensured that rural consumers are catching up with their urban counterparts when it comes to spending. Also, with poverty levels falling, more consumers are getting added at the bottom of the pyramid. Economics research firm Indicus Analytics and Mint graphically explore this trend across states.
In the first part of the series, we examine Uttar Pradesh, India’s most populous state, which has seen a significant spurt in spending on consumer goods and durables even though it lags behind other states on some key social indicators.