Retail Research

Retail Research

The proposed GST rate rationalization has created uncertainty among consumers, leading to the postponement of purchase decisions, most noticeably in the PV segment, and to a lesser extent in 2Ws.

Total card spends saw a strong rebound during July'25, coming in at 1.94L Cr versus 1.83L Cr in June'25. Credit card spends rose by ~6% MoM (vs a ~3.6% decline in June'25), though YoY growth moderated to ~12.2% (vs ~15.2% in June'25). Cards-inforce stood at ~111.6Mn as of July'25, up ~6.8% YoY but broadly stable on a MoM basis. Net new card additions picked up to ~4.2 lakhs (vs just ~0.07 lakhs in June'25), led by HDFCB (~3.15 lakhs), AXISB (~1.2 lakhs) and SBI (~0.8 lakh). Transaction volumes also improved, rising ~6% MoM (vs ~2% decline in June'25) and ~27% YoY (vs ~28% in June'25). Festive seasonality and steadier macros point to firmer spends in the coming months, with UPI-linked credit lines expanding acceptance at QR rails and...

Value fashion continues to outperform the premium and branded apparel retailers, underpinned by structural tailwinds.

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During the August derivatives series, Nifty futures witnessed heightened volatility, even though the index remained confined within a relatively narrow band of 770 points, oscillating between 24409 and 25179. This price action underscored a delicate tug-of-war between bullish optimism, driven by supportive domestic developments, and bearish pressures emanating from global uncertainties.

Retail Research