Consumer spending data flatters to deceive

Consumer spending data flatters to deceive

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Soumya Gupta

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Pratik Bhakta

183 reads
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Soumya Gupta

35 reads
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Pratik Bhakta

183 reads

Products in the mass consumption category are seeing flattish growth, a clear sign that economic concerns are weighing on shoppers’ minds. Plus, why Bajaj Finance faces a serious challenge from Reliance Jio

December 02, 2022

5 MINS READ

With all the recession chatter swirling around, venture-backed companies, large manufacturers and conglomerates were expecting a morale booster from India’s latest GDP numbers. What they have finally got is a mixed bag.

Consumer spending was flattish in product categories targeted at the masses in the quarter ended September 2022, still recovering from the aftereffects of Covid-19. The segments of premium brands, though, continue to flourish in a parallel reality.

This is both good and bad for startups looking to expand their horizons and user counts. 

  • While their core base of high-income city dwellers will keep buying from them, wooing shoppers in smaller cities and towns will take a lot of work.
  • These markets were meant to deliver further growth. That likely won’t happen for some quarters. 

Metrics reloaded: Private final consumption expenditure is the sum total of India’s consumer economy and moves its growth rate the most. 

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