At a time when India’s consumers are becoming more demanding yet more selective with spending, Shashwat Goenka, vice chairman, RP-Sanjiv Goenka Group, believes companies will need to balance affordability with experiences if they want to win the next phase of growth.

Speaking at the CII Annual Business Summit 2026 in a session titled “The New Consumer: Mapping India's Distinct Growth Trajectory”, Goenka said Indian consumers today are sharply divided in the way they spend across categories. While they remain highly price-conscious for daily essentials, they are increasingly willing to spend heavily on experiences and premium offerings.

“When it comes to commodities and everyday items, we are seeing that consumers are very value-conscious and very price-sensitive,” he said. “They want it fast, they want it quick, and they want it at a certain price point.”

At the same time, he noted that consumers are willing to pay significantly more for differentiated experiences, creating fresh opportunities for businesses to premiumise offerings across sectors.

“That’s where the premiumisation is. That’s where the adoption is,” Goenka said, adding that companies now need to build experiences into every consumer-facing business vertical.

His comments come amid a broader shift in India’s consumption story, where companies are increasingly chasing affluent urban consumers even as mass-market demand remains uneven.

Goenka also offered a reality check on the size of India’s premium consumption market. While the country’s population of 1.4 billion is often viewed as a massive opportunity, he argued that the segment with meaningful purchasing power remains limited.

“If you actually look at India which has paying capacity, it’s a very small market,” he said. “Possibly, I would say 50 million is really where you have that aspiration and premiumisation.”

According to him, this is the segment willing and able to spend beyond basic necessities such as “roti, kapda, makaan”.

Goenka said diversified groups such as the RP-Sanjiv Goenka Group are increasingly using multiple consumer touchpoints to understand evolving behaviour patterns and build integrated offerings around them. He highlighted the group’s presence across various segments, giving it access to consumer insights across geographies and categories.

The group distributes electricity not only in Kolkata but also in Noida, Greater Noida, Chandigarh, Chandrapur and cities in Rajasthan. It also operates retail chains such as Spencer's Retail and Nature's Basket across different parts of the country.

“We are seeing significant shifts in consumption,” Goenka said. “What we are trying to see is how do you layer all of this together and create a larger consumer proposition, which could be more national, and ultimately international in nature.”

The conglomerate today interacts directly with consumers through several businesses—electricity distribution, retail, packaged foods, skincare, Ayurveda, sports, media and digital businesses.