Retail sales (offline and online) during the festive season increased by about 15% year-on-year in 2024, much lower than 32% or so in 2023 and 88% in 2022, Nomura Global Research wrote in a note on Tuesday citing rough estimates based on anecdotal data. “Demand is holding up in rural areas and in tier-2/3 cities, but urban metros and industrial demand are weak,” it said, adding the overall results look mixed for consumption. Festive retail sales growth is slower for offline stores and higher for online e-commerce platforms, with the latter driven primarily by tier-2 and tier-3 cities.