Inflation Squeezes Mass Market Spending; Premium Brands Shine as Affluent Opt for Experiences

• Mass market consumer spending remains weak due to high inflation and impact on lower-income households; premium/high-end categories continue to see growth • Companies like Bata, Tanishq, and quick service restaurants are seeing sluggish growth in mass market segments but strong performance in premium categories • Festive season failed to spur mass discretionary spending; some companies slowing expansion plans • Apparel brands struggling with muted growth especially in women's western wear and menswear • Growing shift in spending from products to experiences and travel among affluent consumers