Relaxation of lockdowns and movement restrictions, travel recommencing, non-essential retail and hospitality re-opening, are all being taken into account in our forecasts for India's consumer spending outlook in the short-to-medium term(2020-2024). The spread of Covid-19 globally will have an impact on Indian consumer spending in 2020. We forecast real householdspending to contract by -8.1% y-o-y in 2020. Real growth in household spending will return to positive territory in 2021, ashouseholds adjust to the 'new normal'. In 2021 we project real growth of 5.0% y-o-y in household spending over the year.
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