India is projected to have 10.8 crore affluent consumers by 2036, marginally surpassing China’s estimated 10.3 crore, according to the latest report by NielsenIQ (NIQ) and World Data Lab.
The report defines affluent consumers as people who spend more than US$90 per day, making it a measure of consumer spending rather than income or wealth.
India is estimated to have around 2.6 crore affluent consumers in 2026 and is expected to add another 8.2 crore over the next decade. China, meanwhile, is projected to add 6.2 crore affluent consumers during the same period. Among the countries analysed separately in the report, India is expected to record the largest increase.
The report also estimates that India has 64.9 crore “core consumers” in 2026. This category refers to people spending between US$13 and US$90 per day and is separate from the affluent-consumer group.
The United States is projected to have 23.1 crore affluent consumers by 2036, remaining ahead of both India and China. Globally, the affluent consumer population is expected to reach 102.5 crore by 2036, an increase of 36.9 crore from 2026.
The report classifies India as a “volume growth” market, driven by its growing population and expanding middle class. However, its broader observations on consumer growth across product categories apply to emerging markets across the Asia-Pacific, Latin America and Africa, rather than India alone.
The report notes that growth in some categories will be driven by wider household participation, affordability and improved distribution, while in others, newly affluent consumers are expected to seek premium products offering greater quality, convenience and status.
The findings also show that consumers remain highly conscious of value. Among those classified as “upgrade consumers,” 60% said they focus on value for money, while 46% said they are willing to pay for convenience. The report also noted that even consumers with higher spending power may choose cheaper alternatives when the benefits of a premium product are not clear.
The findings come amid a significant rise in consumer prices. According to NIQ, global fast-moving consumer goods prices increased by 26% between 2021 and 2025.
Despite being a much smaller population than core consumers, affluent consumers have significant spending power. In 2026, the global affluent population is estimated at 65.7 crore, compared with 410 crore core consumers. However, affluent consumers are projected to spend US$35.9 trillion, compared with US$31.6 trillion by the much larger core-consumer group.
The report concludes that companies will need to offer products that provide a clear reason for consumers to upgrade while continuing to maintain affordable options, noting that “the average consumer is no longer a reliable growth target.”
