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.