Retail sales in August 2023 indicated a 9% growth in comparison to sales levels during the corresponding period in August 2022, as reported by the Retailers Association of India (RAI).
In July, retail sales across various categories experienced a 9% year-on-year growth, with apparel sales seeing an 8% increase.
“QSR and Jewellery showed a growth at 14% each, while food & grocery has shown a 13% growth. It looks as if consumers are going out for shopping. In order to understand the complete impact of the festival season on retail sales, it is essential to see the figures of September, October and November. Retailers are foreseeing the double-digit growth in the coming months as the festive season is closer,” said Kumar Rajagopalan, CEO, Retailers Association of India (RAI).
Retail establishments in various regions have reported increased sales in comparison to August 2022 levels, with the most significant growth observed in South India at 15%. West India followed with an 8% growth, while East India and North India saw growth rates of 7% and 6%, respectively.
The robust double-digit growth in South India can be attributed to several factors, including a higher number of auspicious Muhurtham Days in August, a significant number of weddings taking place across the four Southern states, and the celebration of the Onam festival, which commenced on August 20th and extended until August 31st, 2023.
Within various categories, Quick Service Restaurants (QSR) and jewelry both experienced a substantial 14% growth, trailed closely by food & grocery at 13% and beauty at 10%, in comparison to the sales levels witnessed in August 2022.
