2025年下半年印度零售地产市场数据分析报告

India Retail FiguresH2 2025 FIGURES|RETAIL SECTOR|H2 2025India’s retail leasing activity reached record high in 2025 marked by strong supply addition Range-bound inflation, GST rationalisation strengthened retailsentiment FIGURE 1.1: MAJOR CONSUMPTION INDICATORS FOR INDIA •While inflation in India edged up slightly towards the end of 2025, the broader trends during the July–December (H2) period remained remarkably subdued. Monthly inflation readings fell to historic lows andstayed consistently below the Reserve Bank of India’s (RBI) lower tolerance threshold of 2%. In December2025, the Consumer Price Index (CPI) rose to 1.33% Y-o-Y, up 62 basis points from November, markingthe fourth straight month below the RBI’s inflation target1. •The central government rationalised the Goods and Services Tax (GST) regime in September 2025,reducing levies on various goods, including select luxury items. These measures are expected to furtheraid discretionary demand and strengthen retail sales and consumer spending. ~7%Y-o-YConsumer Spending3(2025* vs. 2024) •India’s consumer confidence also strengthened, with the central bank’s Current Situation Index (CSI)rising to 98.42in November 2025 and the Future Expectations Index (FEI) climbing to 125.62on the backof income and employment optimism (as exhibited in Figure 1.2). This improved sentiment, paired witheasing inflation, is pivoting households towards discretionary spending—potentially fuelling demandacross the apparel, personal care, jewellery, and entertainment segments. 1.Ministry of Statistics and Programme Implementation(MoSPI), December 2025; 2. RBI’s November Current Situation Index, December2025; 3. Oxford Economics, Q4 2025 FIGURES|INDIA| H2 2025 Consumer Confidence Survey is a bi-monthly survey which obtains current perceptions (vis-à-vis a year ago) and one yearahead expectations on general economic situation, employment scenario, overall price situation and own income and spendingacross 19 major cities. The latest round of the survey was conducted during November 1-10, 2025, covering 6,060 respondents.*CSI / FEI = 100 + Average of Net Responses of (General Economic Situation, Employment Scenario, Price Level, Householdincome and Overall Spending) ‘Net response’ is the difference between the percentage of respondents reporting optimism andthose reporting pessimisms. It ranges between-100 and 100. Any value greater than zero indicates expansion/ optimism andvalues less than zero indicate contraction/ pessimism. Source:RBI’s November Current Situation Index, December 2025 The optimistic consumer outlook shown in Figure 1.2 aligns with Oxford Economics' spendingtrends. According to Figure 1.3, discretionary spending in CY2025 grew by 10% Y-o-Y in clothingand footwear, 7% in restaurants and hotels, and 8% each across categories such as recreationaland cultural goods and services, transport services and vehicle purchases, and householdfurnishings and equipment. By the end of CY2026, growth is projected to hold steady at 8% forthe clothing and footwear, recreational and cultural goods and services, and transport servicesand vehicle purchases categories. Furthermore, spending on restaurants and householdfurnishings and equipment is expected to increase by 7%. FIGURES|INDIA| H2 2025 India’s retail sector performance in H2 2025 •Capitalising on India’s consumption boom, international retailers remained active, with manyflagship stores becoming operational in H2 2025. These included Galeries Lafayette inMumbai; COS (Collection of Style), Forevermark Global Flagship, and OVS in Delhi-NCR; andNEXT (in association with Myntra) in Pune. Recent F&B debuts included Thai restaurantchain Sanook Kitchen, Indonesia’s first F&B unicorn Kopi Kenangan (in Delhi-NCR), Michelin-starred Thai restaurant Baan PhadThai (in Bengaluru) and U.K.-based chain Wagamama (inMumbai). The luxury and premium segments also witnessed significant activity, marked bythe entry of Bugatti in Mumbai, as well as Camicissima Milano and Carvel in Delhi-NCR.Uniqlo forayed into South India with its first store in the region in Bengaluru. •Driven by an influx of high-quality supply and sustained expansion among domestic andinternational players, India’s retail leasing reached ~5.6 million sq. ft. in H2 2025. Thispropelled the total space take-up volume for the year to touch a record ~8.9 million sq. ft. •This leasing momentum was fuelled by retailers focusing on innovative formats such asexperiential flagship stores, kiosks, and Gen Z-focused store formats to boost customer visits,dwell time, and brand engagement.According to the latestCBRE Asia Pacific LeasingMarket Sentiment Index,1nearly 33% of respondents, primarily from India, indicated thatretail leasing growth is expected to improve further in 2026, led by the fashion and apparel,food and beverage (F&B) along with casual & upscale dining, sporting goods, and athleisurecategories. •Despite growing concerns around global tariffs and macro