 "clothes, Footwear, spending, Tracking consumption")
Indian households’ spending on 'clothing and footwear' plunged to a three-year low and a tad under pre-pandemic levels in 2023-24, as per disaggregated national accounts numbers released by the National Statistical Office.
This marked the second straight year of contraction in such spending after a 1.4 per cent drop recorded through 2022-23 (FY23), and economists termed it a reflection of consumers cutting back on discretionary demand amid a period of high inflation and stagnating wages.
Expenditure on the 'clothing and footwear' segment fell by over 7 per cent to just under ₹4.53 trillion in FY24 from ₹4.87 trillion in FY23.
