India Market Monitor Q4 2023 - Retail

The Indian economy continues to demonstrate resilience as it maintains its growth trajectory aided by a narrowing current account deficit and near-record foreign exchange reserves, among other factors. The Reserve Bank of India’s (RBI) upward revision of its FY 2023-24 GDP forecast also adds buoyancy to the overall business sentiment. In addition, record inflows are being witnessed in the financial markets by domestic and foreign investors alike. However, government and private expenditure, along with the manufacturing sector, are showing some signs of weakness.

With this backdrop, here is a review of key trends witnessed in the retail sector in 2023:

-        Retail: Robust growth witnessed in leasing and supply addition in Q4 2023; space take-up is likely to be guided by the entry of quality supply. Inflationary pressures and caution around the economic environment may have an impact on the discretionary spending of consumers in the short run.

To delve deeper into our analysis of the retail landscape in India in 2023, please click on the download button.