India's demand for food, personal care products and electronics such as smartphones, refrigerators and TVs fell sharply in November after a strong October. This is due to inflation and fears of job losses in some sectors weighing on consumer sentiment.
November 2022 sales were down 3% compared to the same month last year, but commodities were up 11% and packaged foods up 1%. Sales in all other categories are down year-on-year. Demand growth in rural markets is still slow compared to last year's winter category growth.
ITC said in a report that sales in rural markets will improve in January-March as harvests are completed and farmers get cash in hand.
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