CMS Consumption Report 2024
CMS Consumption Report 2024
Unfolding India’s Consumption Story

The CMS Consumption Report 2024 titled ‘Unfolding India’s Consumption Story’ spotlights the consumption trends & hotspots of India, driven by increased cash based spends.

A part of the 2nd edition of its annual trends compendium, the CMS Consumption Report is underpinned by the proprietary CMS Cash Index™ (CCI) data covering 1,37,000 business points, where every 2nd ATM and every 3rd organized retail outlet in India is serviced by CMS Cash Logistics. CCI was launched in 2016 to track the infusion of cash back into the economy across various commerce points.

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CMS Cash Index™ Vs. HSBC India Composite Purchasing Managers Index

The CMS Cash Index™ (CCI) is a weighted index consisting of two factors; the cash that goes into circulation via the ATM channels as replenishment and the cash collected from the organized retail channels post-consumer purchases. The HSBC India Composite PMI (HSBC ICPMI), erstwhile S&P Global India Composite PMI, gauges the vibrancy of the economy through the expansion and contraction in economic activity. The CCI™ and the HSBC ICPMI have been exhibiting a strong correlation since April 2016 while indicating how cash usage is closely linked to economic growth and consumption in a country.

In the last 8 years, the CMS Cash Index™ (CCI) has proven to be a very powerful indicator to track commerce transactions by consumers and has been referred to by various policymakers as well.

Source: CMS Info Systems & S&P Global

Note: The HSBC ICPMI readings are rebased to 100 in April 2016, when the CCI™ was launched, to derive the correlations between the two indices.

Top 5 Retail Sectors with High Growth in Consumption


Source: CMS Info Systems

Key Consumption Trends of FY24


Annual growth in average spending in FY24

Consumer Durables

Annual growth in average spending in FY24

Indians moving beyond the ‘roti, kapda, makaan’ paradigm

Easing inflation and rising consumer demand coupled with a narrowing of the urban-rural divide is fuelling growth in FMCG and Consumer Durables.


Annual growth in average spending in FY24


Annual growth in average spending in FY24

Rise of the travel economy

The proliferation of millennials and rising per capita incomes are engendering a travel economy in India with Indians eschewing the consumption of goods in favor of experiences that can range from travel and leisure to fine dining.


Strong recovery in average spending in FY24


Average spending is muted in FY24

Winds of change

In FY24 average spending in e-commerce declined by 14.61%, compared to 25.44% decline in FY23 indicating a strong recovery. In education average spending remained positively muted in FY24, compared to 1.61% decline in FY23, indicating a slight recovery in expenditure.

Media & Entertainment

Annual growth in average spending in FY24

Entertainment is no longer a ‘luxury’

The growth in this sector is being fuelled by increasing spends as Indians allocate a higher portion of their household budgets to M&E, especially post the COVID-19 pandemic.

Where are the High Consumption Hotspots of India?

In FY24, 14 out of 23 States & Union Territories witnessed an annual average ATM withdrawal YoY growth of 6.45%, and 9 States & Union Territories saw an average 4.14% YoY decline.