Consumer demand revives in Q3; Indian shoppers seeking higher value for money but not structurally downtrading: JM Financial

Indias consumption trends are shifting as Q3 demand shows revival in value fashion and jewellery, supported by GST cuts and festive buying, says JM Financials Gaurav Jogani. While premium apparel and QSRs remain weak, jewellery sees strong value-led growth despite soaring gold prices. Recovery in QSR volumes will be gradual, with mid-premium brands facing the biggest pressure.