There has been enough noise about the ‘untapped’ potential of the rising middle class to drive demand, and brands across FMCG, consumer durables, fashion & lifestyle, and real estate segments have earmarked India as a growth frontier.
Over the past decade, we have seen forays of brands into India either organically or through the M&A route vying for their share of the expanding consumer base. However, the latest Indus Valley Annual Report 2025, published by venture capital firm Blume Ventures, paints a different picture.
Only one in ten Indians have the flexibility for discretionary spend, while the top 10% affluent segment – drivers of luxury spending – hasn’t been expanding. In stark contrast to India’s growing reputation as the Unicorn capital of the world, this concentration of wealth raises questions about where the real growth opportunities lie.
A recent example underscores this potential: the Kumbh Mela. The sheer scale of attendance was not a coincidence, but a result of large-scale marketing efforts and a cohesive, sustained messaging strategy. It demonstrated the power of effective storytelling and targeted outreach in mobilizing millions. The travel industry needs to take a cue from this—creating well-crafted, consistent narratives that highlight the value of travel not as a luxury, but as an essential life experience.
With sustained messaging to create a powerful impact, let’s not forgot the economic impact of a large-scale tourism movement.
