New Delhi, March 11 -- India's consumption landscape has undergone a significant transformation over the last two decades, influenced by shifts in income distribution, economic shocks and changes in spending behaviour. Data from PRICE's ICE 360 pan-India household survey provide a detailed account of these trends, shedding light on the financial resilience of different income groups and the impact of events such as the pandemic.

Income distribution has evolved over time, with the bottom 60% of India's population witnessing an increase in their income share from 27% in 2004-05 to 32% in 2015-16, signalling better economic inclusion. However, this progress was disrupted during the pandemic, with their share dropping to 23% in 2020-21 befor...