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ICICI Securities Report
In continuation to our monthly retail series, we are monitoring mobility and retail demand trends as we believe both these data sets have a lead-lag effect. Key takeaways from May 2022 include:
India's mobility data improved month-on-month, leading most regions both on transit mobility and workplace mobility as offices approach normalcy. Global mobility data, which plunged across regions during December-January 2021, is yet to witness complete recovery (e.g. Europe, U.S.;
in domestic retail, passenger vehicle sales were down, a marginal 0.7% month-on-month, as production improves on gradual easing of chip supply; two-wheeler sales grew 2% month-on-month due to resumption of office/schools and marriage season in North India;
on commercial side, three-wheeler sales declined ~2% month-on-month with commercial vehicle sales down ~16% month-on-month (seasonal decline). Electric passenger vehicle/two-wheeler held share at 1.1%/3.2%, respectively.
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