印度消费：隧道尽头的曙光-尚未到来-India Consumer_ Light at the end of tunnel_ Not yet.

3 December 2025 India Emerging Consumer India Consumer: Light at the end of tunnel? Not yet. Jignanshu Gor +91 226 842 1494 jignanshu.gor@bernsteinsg.com 2025 was supposed to be the year the Indian Consumer made a comeback. Has it happened? We look at 3 data points to evaluate prospects of the much talked about "festive revival in 3Q F26": (a) NPCI-UPI data released by Merchant Category Code (b) App usage data for e- commerce companies and (c) Management commentary during 2Q F26 conference calls. UPI transa ...