India’s Buying Intent slipped to 98.2 in September 2026, down 0.6 points from August and the third consecutive monthly decline, according to TRA Research. The national reading is still 0.9 points above September 2025, but the sub-indexes show a market that is becoming narrower, not collapsing evenly.
Everyday-use categories stay weak
FMCG Buying Intent fell 11.9% in September and is 26.0% below September last year. Food & Beverage dropped 7.2% month-on-month, its third straight decline, although it remains only 2.9% below its year-ago reading. Among the 20 largest FMCG and Food & Beverage categories, 14 declined in September, and eight declined in both July-August and August-September.
The weak list includes ice cream and frozen desserts, milk, aerated beverages, instant noodles, cosmetics, soaps, toothpaste and personal hygiene. Gains were narrower: tea, packaged drinking water and instant coffee in Food & Beverage; shampoo, face wash, sensitive toothpaste and hair colour in FMCG.
Digital and BFSI keep the momentum
Digital Buying Intent rose 8.6% month-on-month and was 65.3% above September 2025. BFSI increased 8.5% in the month and 68.4% year-on-year. Retail rose 7.9% and consumer appliances increased 8.8%, while automobile fell 9.3% and consumer electronics slipped 5.4%. That split is the central takeaway: growth is now sector-led rather than general.
Trust and Desire are moving apart
Buying Intent is derived from Trust and Desire readings. In Food & Beverage, Trust eased 0.7% from August while Desire fell 10.3%. In FMCG, Trust declined 8.1% and Desire dropped 13.1%. TRA Research CEO N. Chandramouli says that gap changes the marketing response.
A brand can retain Trust and still lose Desire. The intervention required in that situation is very different from one where confidence itself is weakening.
In practical terms, a desire-led decline may call for a sharper offer, new use case or creative refresh. A trust-led decline is a deeper brand health problem.
What to watch next
- Diagnose whether your category’s dip is a Desire problem or a Trust problem before choosing a response.
- Follow intent momentum by sector, not just the national index.
- Track category leadership shifts: Maruti Suzuki moved ahead of Tata Motors in passenger vehicles, and Voltas overtook Daikin in air conditioners.
At brand level, Bajaj, TTK Prestige, Hewlett Packard, LIC, Zudio, HDFC Bank, Zomato and CRED posted the largest Buying Intent gains. Dell recorded the steepest fall, ahead of Flipkart, Tata Motors, LG, Honda, Hyundai, Bata and Samsung, yet Dell still led overall Buying Intent and Trust. For marketers, the message is to revisit where demand is actually moving before locking the next quarter’s budget.
Source: MediaNews4U
