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Consumption in 2023: A year of mixed trends, yet again
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Divergent consumer behaviour was the key theme in 2023, extending a trend that has now become synonymous with post-pandemic recovery. Consumption recovery across the higher end of the income bracket remains swift, as indicated by sales of premium and luxury houses and soaring air passenger travel.
But sales of fast-moving consumer goods (FMCG) have been tepid at best, with high food inflation and erratic monsoon rains hurting rural demand and leading to a cutback in discretionary spends. Sales of two-wheeler vehicles— seen as a proxy for gauging demand at the lower end of the income spectrum—have remained under pressure and are only recovering now.
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