Retail sales in September 2024 increased by 5% compared to the same period in September 2023, according to the latest Retail Business Survey by the Retailers Association of India (RAI).
North India sees 7%, West & South India 5%, East India experience 4% retail growth
According to India Retailing.com., the survey shows that retail sales grew by 7% in North India, 5% in West and South India, and 4% in East India. “September’s retail performance highlights that consumers are spending selectively. As we approach the festive season, this behaviour presents an opportunity for retailers to align their strategies with consumer expectations,” said Kumar Rajagopalan, CEO of RAI.
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“The retail landscape remains favourable for growth, and energising consumer demand will be a key to driving long-term success in the industry. Overall, Indian economy seems to be nice and bullish and the conditions for the retail sector remain favourable as we move into the holiday season,” he said further.
Food & Grocery Leads with 12% Growth in Category
Category wise, food and grocery saw the highest growth at 12%, followed by jewellery at 8%, and consumer durables at 6% compared to September 2023. Quick service restaurants (QSR) and apparel both grew by 5%, footwear by 4%, and beauty and wellness by 2%.
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Meanwhile, Footwear had the lowest growth at 1%, and furniture sales fell by 1% compared to last September. RAI noted that the September numbers show consumers are spending where they find value.
In August 2024, sales increased by only 2% compared to August 2023.
Retailers Association of India (RAI), the top body for retailers in India, collaborates with stakeholders to foster the growth of the modern retail industry in the country.
