India is projected to have 10.8 crore affluent consumers by 2036, marginally surpassing China's 10.3 crore, according to the latest report by NielsenIQ (NIQ) and World Data Lab. The report defines affluent consumers as people spending more than $90 a day, making it a spending category rather than a measure of income or wealth. India is estimated to have about 2.6 crore affluent consumers in 2026 and is projected to add 8.2 crore over the next decade. China is projected to add 6.2 crore affluent consumers during the same period, with India expected to record the largest increase among countries shown separately in the report. The 2036 estimates are projections based on available data, historical patterns and assumptions, and actual outcomes could differ, the report noted.
The report estimates that India has 64.9 crore 'core consumers' in 2026, defined as people spending between $13 and $90 a day. This is a separate spending group and is not included in the affluent-consumer base. The US is projected to have 23.1 crore affluent consumers by 2036, more than either India or China. Worldwide, the affluent population is forecast to reach 102.5 crore by then, an increase of 36.9 crore from 2026. The report's other consumer findings are not India-specific, with among 'upgrade consumers', 60% said they focus on value for money, while 46% said they are willing to pay for convenience. Even consumers willing to spend more may trade down when a premium is unclear or a cheaper product appears sufficient.
The report classifies India as a 'volume growth' market, citing its rising population and middle class. India could add 8.2 crore affluent consumers over the next decade, the largest projected increase among major markets. The report notes that growth will be driven by broader household participation, affordability or distribution in some categories, while in others it will come from premium purchases as newly affluent consumers look for products that deliver on quality, convenience or status. Its broader observations on growth across product categories apply to emerging markets across Asia-Pacific, Latin America and Africa, rather than specifically to India. The report emphasizes that companies will need products that justify an upgrade while retaining affordable options, stating that 'The 'average' consumer is no longer a reliable growth target'.
Global fast-moving consumer goods prices increased 26% between 2021 and 2025, according to NielsenIQ. Affluent consumers represent substantial spending power, with their global population estimated at 65.7 crore in 2026, against 410 crore core consumers. Yet affluent consumers are projected to spend $35.9 trillion during the year, compared with $31.6 trillion for the much larger core-consumer group. The report highlights that even consumers willing to spend more may trade down when a premium is unclear or a cheaper product appears sufficient. Among consumers called 'upgrade consumers', 60% said they focus on value for money, while 46% said they are willing to pay for convenience.
