India’s Post-Pandemic Revenge Spending Is Running Out of Steam
- Urban consumers turn cautious just as festive season kicks off
- Economic growth may be more subdued than last fiscal year
Street vendors sell vegetables at a market in Mumbai, India.
Photographer: Abeer Khan/BloombergThis article is for subscribers only.
Consumers in Indian cities are cutting back on spending just as the country’s traditional festive shopping season kicks off, a worrying sign for the world’s fastest-growing major economy.
After a post-pandemic frenzy of sales on everything from cars to mobile phones, there are some signals that urban consumers in India are turning more cautious. Car companies like Maruti Suzuki India Ltd., which couldn’t keep up with demand just a few months ago, are now sitting on record inventory.