This thought came across my mind too. But looking at other few things like real estate company sales/launches (godrej properties, dlf, macrotech,etc vehicle sales (maruti, tata motors, m&m, etc) phone+ gadget sales (redington) it seems the spending power has increased.
On flat growth in the names mentioned above (hul, page, qsr, etc)…feel there is lot of competition and alternatives. For example earlier Mcdonald was king of QSR…then came KFC, burger King and also many smaller and quirkier burger chains. Similar situation in FMCG.
Page needs to reinvent itself or else it would be along and dark road to Oblivion !!
It could end up being another underwear company
Disc. Not invested, tracking