According to the latest numbers by Nielsen IQ (NIQ), this value growth is driven by revival in consumption in rural markets and traditional trade, which were under duress for more than a year. In line with stabilisation in retail inflation, price growth further dropped in the March quarter to 6.9% from 7.9% in preceding December ended quarter of 2022, aiding the revival in consumption.
Volume growth at 3.1% is back in the black. It was a negative 0.3% in the December quarter. It has been improving consistently over the last four quarters. Volumes had shrunk 4.1% in the March quarter of 2022, when price growth was at 10.5%.
After declining for six consecutive quarters, consumption growth for nonfoods has turned positive in the latest March quarter, led by home care categories, while personal care continues to decline. NIQ’s India customer success leader Roosevelt D’Souza said, “The positive consumption growth in the hinterland seen in the quarter is heartening, as more than 2/3rds of India’s population reside in rural areas of the country. Urban India continues to be the growth engine in terms of value growth.”
NIQ MD (India) Satish Pillai said, “The upward trends seen in rural markets is particularly encouraging, and may be the turning point for the industry.”
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