Slowdown? Here’s what rich Indians are spending on

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Subscribe to enjoy similar stories. Maruti-Suzuki, India’s largest carmaker, told investors last month that demand for cars remained “muted" and that it was planning higher discounts to push sales. It is also pinning hopes on sales of premium cars in rural areas, as is Hindustan Unilever, the country’s largest mass consumer packaged goods firm.

HUL said that growth in big cities was “trending down", lagging smaller cities and rural India. Biscuits-maker Britannia said the consumer slowdown was highest in Indian metros. Meanwhile, personal care and foods manufacturer Marico told investors it will rely on higher prices, shift to online sales, and a gradual rural recovery for growth.

Perhaps not. Legacy consumer firms have been losing their premium, urban customer base to a bevy of VC-backed, online-first consumer brands for some years now. But even new age firms are facing the heat from the slowdown.

E-commerce software firm Unicommerce told investors earlier this month that festive season demand has been “soft", especially after sales ended, while logistics firm Delhivery told investors that “consumption slowdown is real" and so is its impact on e-commerce. Honasa Consumer (Mamaearth), reported a 7% drop in revenue and slipped into losses in the September quarter. Its shares hit lower circuit on Monday.

Also read | Will new ad rules kill coaching centres? Luxury goods, travel, pricey essentials, real estate and goods and services related to weddings. Axis Capital estimates more than a third of new real estate projects launched in the December 2024 quarter are priced above ₹2 crore, up from a fifth a year ago. The Confederation of All India Traders estimate 48 lakh weddings will generate business worth ₹6 trillion this