India’s decade of consumption: Insights from BrandZ, the economy, and real brands

India’s GDP has doubled over the past decade, reaching $4.1 trillion in 2025, with private consumption still the mainstay of growth (58.5% of GDP). Yet, the story is not just about aggregate numbers. Inflation, wage stagnation for the bottom half, and a “K-shaped” recovery have created a landscape where premiumisation and value-seeking co-exist, and where digital adoption and urbanisation have transformed how—and why—Indians consume.

Against this backdrop, the BrandZ India Top 75 brands are now valued at $450 billion (2024), up 19% year-on-year. Over the decade, the BrandZ portfolio has outpaced the Sensex by a wide margin: since 2014, BrandZ Top 75 has grown by 151%, compared to 120% for the Sensex. This phenomenon is not just a financial story—it’s a story of brands that have adapted, endured, and led consumer change.

BrandZ through the decade: The consumer’s changing face

2014–2019: Optimism, aspiration, and the rise of middle India

The early BrandZ reports captured a buoyant, optimistic consumer. The “India growth story” was in full swing, and the BrandZ Top 50 and Top 75 lists were dominated by banks, telecoms, and FMCG giants.

The emerging middle class was eager to trade up, experiment, and embrace new categories—from smartphones to modern retail to digital payments. Premiumisation and inclusiveness went hand-in-hand: brands that could democratise access (small packs, affordable pricing, regional customisation) won trust and share.

Yet, even as trust and heritage remained vital, new digital-first brands—Flipkart, Paytm, and Swiggy—began to disrupt established hierarchies. The consumer was becoming more demanding, more informed, and more willing to switch.

2020–2021: Pandemic, resilience, and the empathy imperative

COVID-19 was a shock to the system. GDP contracted, unemployment spiked, and consumption plummeted in Q2 2020. But the BrandZ reports from this period are a testament to Indian resilience. As the economy reopened, affluent and urban consumers bounced back quickly, driving a boom in premium and discretionary categories, while mass-market and rural consumption lagged.

Consumers sought brands that offered reassurance, empathy, and practical solutions—health, hygiene, convenience, and digital access became paramount. The “home” became the new hub, and brands that could deliver convenience, safety, and comfort at home became indispensable.

The K-shaped recovery was stark: premium categories (luxury cars, travel, credit cards, smartphones) grew at double-digit rates, while mass-market FMCG was flat or growing slowly.

2022–2024: Fragmentation, premiumisation, and the new value equation

By 2024, the divergence is even more pronounced. The top 5% of households drive most of the growth in premium categories, while the bottom 50% see little real income gain. The BrandZ reports highlight the rise of “meaningful difference” as the key to brand growth: brands that combine functional and emotional relevance with distinctiveness outperform peers.

Urban, nuclear, and digitally connected households are driving growth and premiumisation. Rural shoppers are increasingly aspirational, but income and infrastructure gaps persist.

Urban consumers are more brand-agnostic, seeking value, quality, and experience over mere price. The same consumer may splurge on a smartphone or holiday but trade down in daily essentials.

Brand case studies: Lessons from the leaders

Maggi: A decade of crisis, comeback, and enduring trust (2014–2024)

Maggi’s journey over the past decade is a testament to the power of brand resilience and emotional connection. In 2014, Maggi’s BrandZ value stood at $1.1 billion, reflecting its status as India’s most beloved instant food. The 2015 lead crisis saw Maggi temporarily vanish from shelves and trust plummet.

Yet, through transparent communication, grassroots engagement, and a wave of nostalgia-driven campaigns, Maggi engineered one of the most remarkable comebacks in Indian marketing history. By 2022, its BrandZ value had rebounded to $2.9 billion, and by 2024, it reached $3.9 billion—its highest ever.

Today, Maggi is not just a pantry staple but a cultural icon, embodying the Indian consumer’s capacity for forgiveness, loyalty, and rediscovery.

Airtel: From telecom leader to digital ecosystem (2014–2024)

Airtel’s decade-long evolution mirrors the transformation of Indian connectivity and digital life. In 2014, Airtel’s BrandZ value was $8.2 billion, built on its leadership in voice and mobile services. The disruptive entry of Jio in 2016 forced Airtel to reinvent itself, investing in network quality, digital platforms, and customer-centric innovations like the Airtel Thanks app and Wynk Music.

During the pandemic, Airtel’s role as a digital lifeline for work, learning, and entertainment became even more pronounced. By 2024, Airtel’s BrandZ value had soared to $29.9 billion, making it India’s third most valuable brand.

This remarkable growth reflects not just business performance, but Airtel’s ability to stay relevant, trusted, and essential in the lives of a billion Indians.

What the data tells us about consumer behaviour:

• Premiumisation and polarisation: Premium categories are booming, but mass-market FMCG is lagging. The “K-shaped” recovery continues.

• Urbanisation and digital adoption: Urban, nuclear, and digitally connected households are driving growth and premiumisation.

• Value-seeking and experimentation: Even affluent consumers are more value-conscious, willing to experiment with new brands, formats, and channels.

• Trust, empathy, and meaningful difference: In a volatile, complex environment, brands that combine relevance, distinctiveness, and authenticity win.

• Rural-urban convergence (and divergence): Rural consumers are increasingly aspirational, but the income gap remains. Urban consumers are more brand-agnostic, seeking value, quality, and experience over mere price.

What to Watch For: The Next Chapter in Indian Consumption:

1. The Middle squeeze: The middle class, once the engine of growth, is under pressure. Brands will need to innovate on value, not just price, to win this segment back.

2. Digital as the great leveller—and divider: Digital access has democratised information and choice but also created new divides between digital haves and have-nots.

3. Premiumisation with purpose: The affluent will continue to drive growth but will demand more than just status—they want brands that stand for something, that are sustainable, and that deliver real value.

4. Rural aspiration, urban experimentation: Rural consumers will continue to aspire, but brands must address infrastructure and affordability gaps. Urban consumers will continue to experiment but will demand quality and experience.

5. The empathy imperative: In a world of volatility and uncertainty, brands that lead with empathy, authenticity, and meaningful difference will win.

The Indian consumer has never been more complex, more demanding, or more full of potential. The BrandZ reports, set against the backdrop of India’s macroeconomic journey, tell a story of resilience, aspiration, and transformation.

The next decade will be shaped by demographic dividend, digital adoption, and the quest for inclusive, sustainable growth. For brands, the challenge—and the opportunity—is to stay ahead of the curve, to innovate, and to lead with purpose.

The Indian consumer is ready. Are you?

(Soumya Mohanty is the Managing Director & Chief Client Officer at Kantar. She leads with a strategic vision, focusing on amplifying consumer insights to support high-level business decisions.)