India Market Monitor Q3 2024 - Retail

Leasing activity in India’s retail sector remained largely steady in the third quarter of 2024. Despite a realignment in supply timelines, the ongoing introduction of quality supply is expected to continue stimulating an uptick in the overall space take-up in the coming quarters, with peaking consumer activity anticipated during the festive season.

Notably, the country’s consumer spending is projected to grow by 12% Y-o-Y by the end of 2024, while retail sales are anticipated to surge by 7% Y-o-Y during the same period. This growth is expected to extend across essential and non-essential categories, with discretionary segments, such as restaurants and recreational / cultural / experiential activities, poised to witness an uptick.

Furthermore, India’s direct-to-consumer (D2C) retailers continue exhibiting growing inclination towards space absorption, emphasising personalisation and leveraging the ‘Made in India’ sentiment, fuelled by rising disposable incomes. The D2C market is expected to continue its growth trajectory as brands focus on increasing access and sales through social media, quick commerce, repeat purchases, and better inventory management.

To delve deeper into our analysis of the country’s retail real estate landscape in Q3 2024, please click on the download button.