NEW YORK CITY (Diya TV) – India’s affluent class is set to double to 100 million within three years, boosting premium goods sales, reports Goldman Sachs. The country’s robust economic growth and stable policies have elevated the annual income of top earners, growing from 24 million in 2015 to 60 million, or 4.1% of the population. With India predicted to become the world’s third-largest economy by 2027, premium brands in leisure, jewelry, out-of-home food, and healthcare are expected to thrive.

Goldman’s report, “The Rise of Affluent India,” identifies sectors benefiting from this trend and highlights eight stocks as potential winners. Titan, with its premium jewelry offerings, and Apollo Hospitals, capitalizing on a shift towards lifestyle-focused health spending, are among the chosen stocks.

Phoenix Mills, expected to experience 25% EBITDA growth, aligns with the rising cohort of affluent consumers, while travel industry giant MakeMyTrip is poised to benefit from a 13% CAGR. Zomato, the food delivery and online grocery platform, is expected to see substantial growth indexed to the expanding affluent population.

KFC’s potential growth in India, driven by quick-service restaurants’ popularity among affluent Indians, is favored by Goldman Sachs. Meanwhile, Eicher Motors, particularly Royal Enfield, stands out due to its exposure to the premiumization trend in automotive buying.

Despite the growing affluence, Goldman notes a spending power disparity in a country where GDP per capita is below $3,000. However, the report underscores the shift in wealth accumulation, with a surge in equities investment in the past five years. As India’s economic landscape evolves, the report raises questions about how businesses catering to the affluent will navigate the socioeconomic divide and changing consumer preferences.