(MENAFN- KNN India) New Delhi, Nov 25 (KNN) Household consumption patterns in India are undergoing a marked change, with spending gradually shifting from basic necessities to asset-building purchases, according to a survey released by the Economic Advisory Council to the Prime Minister (EAC-PM).

Data from the 2011-12 and 2023-24 surveys indicates that families, including the bottom 40 percent, are increasingly spending more on Personal Goods and Home Appliances than on Clothing and Footwear.

The report notes that rising awareness, better financial access and improved market connectivity are driving this shift, contributing to productivity gains and higher living standards.

Motor vehicle ownership has emerged as the fastest-growing durable asset across the country, with a clear urban–rural convergence in ownership patterns, reported ET.

The bottom 40 per cent of households have shown significant catch-up with the overall population, particularly in urban regions.

Improved road infrastructure, enhanced market access and easier vehicle financing were identified as key factors supporting this growth.

In contrast, television ownership has expanded at a slower pace, and in several urban areas, it has even declined among both the general population and the bottom 40 per cent.

The report attributes this to near-universal mobile phone access, which has reshaped entertainment and information consumption habits.

Across four major asset categories, motor vehicles, refrigerators, televisions and mobile phones, the study finds notable convergence, especially in urban India where ownership gaps across consumption groups have narrowed quickly.

Mobile phones now have near-universal penetration across both top 20 per cent (T20) and bottom 40 per cent (B40) groups, making them the most uniformly owned durable asset in the country.

The survey also highlights a steady rise in households owning multiple categories of durable assets in both rural and urban sectors, reflecting reduced consumption disparities.

Households lacking any durable asset category now constitute only 5 per cent or less across all demographic groups, indicating a substantial decline in asset poverty.

(KNN Bureau)

MENAFN25112025000155011030ID1110396479