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Indian Research and Insights industry to grow 2X by 2026 to $4.2 bn: MRSI
Mumbai: The Indian research and insights (R&I) industry is expected to grow at 12-14 per cent CAGR to $4.2 billion (Rs 31,300 crore) by 2025-26, compared to $2.1 bn (INR 17,200 crore) in 2020-21, according to a new report.
The latest analysis was presented by the Market Research Society of India which launched its inaugural edition of the Indian Research & Insights (R&I) Industry Report, here on Thursday. As per the report, India is fast becoming the global analytics hub, with international markets accounting for three-fourth of its revenues. The Indian R&I sector currently employs more than 125,000 people.
During 2020-21, marketing analytics services accounted for 52 per cent of the total Indian R&I industry revenues, while traditional market research and syndicated/ publishing services stood at 32 per cent and 16 per cent, respectively. By 2025-26, analytics services would account for 59 per cent, while custom market research and syndicated/ publishing services would account for 27 per cent and 14 per cent, respectively, the report forecasts.
At present, the FMCG and retail sectors are the largest consumers for research and insights with a share of 27 per cent, followed by information, communications & telecom (16 per cent) and BFSI (15 per cent).
“The Indian research & insights industry has staged a robust recovery and is emerging as the most sought-after destination for analytics, globally. The availability of talent coupled with proven expertise in data handling, technology, infrastructure, and cost competitiveness will lead to an orbital shift in the industry by 2030,” said MRSI president Sandeep Arora. “We not only expect the R&I industry to grow 2X in the next five years but can safely estimate the industry size to reach $10 bn by 2030, especially with the strategic direction that most providers are adopting to move towards MR 3.0.”
MRSI partnered with Value Notes as the research partner for ensuring methodological objectivity of the 150+ report. The study curates the findings from exhaustive desk research, secondary data of 198 companies, and more than 140 interviews conducted with industry professionals.
e-commerce
Visa report tracks rise of India’s affluent, experience-led spending
Affluent base doubles to 130 lakh, travel 58 per cent of elite spends.
MUMBAI: In India’s new luxury playbook, it’s less about owning more and more about living better. A new whitepaper by Visa Consulting and Analytics (VCA) maps a decisive shift in India’s affluent economy, where spending is becoming more intentional, experience-led, and closely tied to personal identity rather than pure income growth.
Titled India’s Affluent Economy 2025–2026, the report draws on a Visa-commissioned Yougov study and VisaNet data across travel, dining, retail and lifestyle categories. The headline number is hard to miss: individuals earning over Rs 10 lakh annually have nearly doubled from 69 lakh to 130 lakh, significantly expanding the country’s discretionary spending base.
But it’s not just about scale, it’s about behaviour. As consumers move up the affluence ladder, discretionary categories are taking a larger share of credit card spends, positioning cards as key enablers of premium, lifestyle-driven consumption.
The geography of wealth is shifting too. Affluence is no longer confined to metros such as Mumbai, Delhi and Bengaluru, with cities like Ahmedabad, Surat, Jaipur and Lucknow increasingly mirroring metro consumption patterns.
The report highlights a clear pivot from ownership to access. More than 50 per cent of affluent consumers now use cards for elite memberships, while 7 in 10 are drawn to limited-edition drops and curated collections. Increasingly, luxury is defined by seamless access be it concierge-led travel or curated dining where time saved is as valuable as money spent.
Spending patterns reinforce this shift. Among the ultra-elite, travel accounts for 58 per cent of discretionary spends, far outpacing retail and luxury combined at 28 per cent. Cross-border spending penetration stands at 63 per cent, signalling a growing global outlook among India’s affluent.
Closer home, indulgence is becoming routine. Nearly 4 in 5 affluent consumers dine at premium establishments at least three times a year, while 1 in 4 visit luxury venues more than five times annually. Dining spends are also climbing, with Rs 20,000 emerging as a new entry-level benchmark per experience and Rs 50,000 marking premium territory.
Retail, meanwhile, is becoming more selective. Three in four affluent consumers make a high-end purchase at least once a quarter, while one in four shops premium every two weeks. Luxury retail intensity is also rising, with 2 in 5 consumers spending over Rs 5 lakh annually, and a smaller but significant segment exceeding Rs 10 lakh.
Technology and wellness are carving out new roles in this ecosystem. High-end gadgets now see average spends of Rs 60,000 or more per purchase, while ultra-elite consumers are eight times more likely to visit spas and show five times higher engagement with cosmetic stores than non-affluent groups.
The broader takeaway is structural. Affluent consumers are no longer buying products, they are buying ecosystems. Integrated experiences across travel, dining, wellness and payments are becoming central to how this segment lives and spends.
As India’s affluent base expands beyond metros and aligns more closely with global consumption patterns, the real opportunity lies not just in size, but in speed. For brands, the message is clear: relevance will be defined by how early and how seamlessly, they plug into this evolving lifestyle economy.
