Retail sales in August 2024 recorded a moderate increase of 2% compared to the same period in August 2023, according to the latest edition of the Retail Business Survey by the Retailers Association of India (RAI).
Regional͏͏ Performance:͏͏ North͏͏ and͏͏ South͏͏ Lead
The͏͏ survey͏͏ revealed͏͏ that͏͏ North͏͏ and͏͏ South͏͏ India͏͏ experienced͏͏ a͏͏ sales͏͏ growth͏͏ of͏͏ 3%͏͏ each,͏͏ while͏͏ East͏͏ and͏͏ West͏͏ India͏͏ recorded͏͏ an͏͏ increase͏͏ of͏͏ 1%͏͏ each.
“Retail͏͏ performance͏͏ in͏͏ August͏͏ has͏͏ not͏͏ demonstrated͏͏ significant͏͏ growth͏͏ compared͏͏ to͏͏ last͏͏ year,”͏͏ stated͏͏ Kumar͏͏ Rajagopalan,͏͏ CEO͏͏ of͏͏ RAI.͏͏ “Many͏͏ retailers͏͏ have͏͏ reported͏͏ negative͏͏ growth͏͏ on͏͏ a͏͏ like-for-like͏͏ basis.͏͏ However,͏͏ there͏͏ are͏͏ optimistic͏͏ expectations͏͏ for͏͏ positive͏͏ growth͏͏ during͏͏ the͏͏ festive͏͏ season,͏͏ given͏͏ the͏͏ overall͏͏ positive͏͏ economic͏͏ climate.”
Continue͏͏ Exploring:͏͏ Retailers see͏͏ 5%͏͏ sales͏͏ growth͏͏ in͏͏ June,͏͏ QSRs͏͏ lead͏͏ growth:͏͏ RAI
Food͏͏ and͏͏ Grocery͏͏ Tops͏͏ Categories:
In͏͏ terms͏͏ of͏͏ categories,͏͏ food͏͏ and͏͏ grocery͏͏ led͏͏ with͏͏ the͏͏ highest͏͏ growth͏͏ at͏͏ 7%,͏͏ followed͏͏ by͏͏ jewellery͏͏ at͏͏ 5%͏͏ compared͏͏ to͏͏ August͏͏ 2023.͏͏ Quick͏͏ service͏͏ restaurants͏͏ (QSR),͏͏ consumer͏͏ durables͏͏ and͏͏ electronics,͏͏ and͏͏ apparel͏͏ each͏͏ recorded͏͏ a͏͏ growth͏͏ of͏͏ 2%,͏͏ while͏͏ footwear͏͏ had͏͏ the͏͏ lowest͏͏ growth͏͏ at͏͏ 1%.
Meanwhile,͏͏ furniture,͏͏ beauty͏͏ and͏͏ wellness,͏͏ and͏͏ sports͏͏ goods͏͏ experienced͏͏ declines,͏͏ with͏͏ sales͏͏ decreasing͏͏ by͏͏ 2%,͏͏ 1%,͏͏ and͏͏ 1%,͏͏ respectively,͏͏ compared͏͏ to͏͏ August͏͏ of͏͏ the͏͏ previous͏͏ year.
In͏͏ July͏͏ 2024,͏͏ sales͏͏ also͏͏ recorded͏͏ a͏͏ modest͏͏ 2%͏͏ increase͏͏ compared͏͏ to͏͏ the͏͏ same͏͏ period͏͏ in͏͏ July͏͏ 2023.͏͏ The͏͏ retail͏͏ sector͏͏ has͏͏ yet͏͏ to͏͏ achieve͏͏ double-digit͏͏ growth͏͏ on͏͏ a͏͏ like-for-like͏͏ basis,͏͏ RAI͏͏ noted.
RAI͏͏ is͏͏ the͏͏ leading͏͏ association͏͏ for͏͏ retailers͏͏ in͏͏ India,͏͏ collaborating͏͏ with͏͏ all͏͏ stakeholders͏͏ to͏͏ foster͏͏ a͏͏ conducive͏͏ environment͏͏ for͏͏ the͏͏ growth͏͏ of͏͏ the͏͏ modern͏͏ retail͏͏ industry͏͏ in͏͏ the͏͏ country.
