New Delhi, Feb. 27 -- India's retail sector is set to experience massive growth, with the market projected to reach Rs 190 trillion by 2034, according to a new report by the Boston Consulting Group (BCG) and the Retailers Association of India (RAI).

This growth is attributed to several key factors, including India's unique demographic trends such as rising affluence alongside a vast middle class, ageing consumers but a large mid-aged adult population, large male working cohort but accelerating workforce participation by women.

The report adds that consumer behaviour is evolving, with contrasting preferences. Many shoppers are balancing global aspirations with a sense of local pride, and there is a growing divide between those seeking pr...