“We are hopeful that consumer sentiments will turn positive as the year 2020 rolls out. The second half of 2020 could see a pickup in demand and growth,” Future Retail JMD Rakesh Biyani said.

Though the economic slowdown started in high-ticket segments like real estate, auto and consumer durables due to the credit squeeze triggered by the NBFC crisis, it has now spread to other sectors such as retail as the consumption basket shrank.

Debashish Mukherjee, Partner and Regional Lead, Consumer and Retail, Middle East & Africa at AT Kearney, said “People expect growth to come back in 2020. However, it depends on (how) consumer sentiments improves and the consumer has to feel really richer than they are. “It is not that there is zero growth but the growth is not that exciting to make that kind of purchasing decision, which they use to. In some way more money has to come into the hands of people,” he said.

EY Partner and National Leader, Consumer Products and Retail Pinakiranjan Mishra said revival would depend on the coming Budget also. “If it is pro-consumption and has measures so that additional cash is available in the hands of people, it would increase consumption,” he said.