Air pollution drags retail footfall; Shoppers Stop flags flat Q3 on North India smog
CII-Grant Thornton pegs annual pollution cost at $95B (3% of GDP), with $22B in lost consumer footfalls. Shoppers Stop attributed flat Q3 FY26 sales to North India air quality, signaling a recurring seasonal drag on Delhi NCR, Gurugram and Mumbai store traffic.
Air pollution is materially hurting Indian retail consumption, with Shoppers Stop citing North India pollution for flat Q3 FY26 sales. CII estimates $22 billion in lost consumer footfalls and $95 billion total business cost annually.