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The consumer discretionary segment had a muted October-December quarter (third quarter, or Q3) in 2022-23 (FY23), pegged back by weak consumer sentiment. Most sub-categories across price segments bore the brunt. Given sluggish demand conditions and an operational miss in Q3FY23, brokerages expect the trend to prolong in 2023-24 (FY24).
PhillipCapital projects consumer discretionary companies to slacken in FY24 as discretionary consumption takes a possible hit due to high consumer price index-based inflation, job layoffs/slowdown in hiring, a sharp increase in interest rates on home loans, the comeback of local/regional players, and exhaustion of pandemic-spurred savings impacting high-ticket purchase of paints/jewellery.
