Retailers and consumer goods makers witnessed a mixed festive season as value-conscious shoppers cut back on spending because of higher prices, scouted for better deals and relied on EMIs more than usual to buy clothes and large appliances.
More Retail said demand for staples, sugar and confectionery products consumed during the festive season remained strong, helping the food and grocery retailer clock over 20% jump this festive season over the previous year. More has over 750 stores pan-India.
"We are seeing a period of inflation coming; edible oil prices are up," said Vinod Nambiar, MD, More Retail. "We are up 50% over last year in September and October. The September quarter was good, and the momentum seems to be continuing in October."
But Nambiar said consumers are buying when they see value.
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