Retail sales in March 2024 saw an 8% growth compared to the sales levels in March 2023, according to the survey by Retailers Association of India (RAI).
Retail businesses across various regions have shown increased sales compared to March 2023 levels, with South India leading the way with a 9% growth. West India followed closely with an 8% increase, while North and East India reported growth rates of 7% and 6%, respectively.
“In March 2024, our assessment of the retail sector unveiled indications of growth recovery. The consumer landscape seems sturdy, buoyed by heightened discretionary expenditure on apparel and sporting goods. Nevertheless, the jewellery sector, despite its notable expansion since the previous Diwali, encountered a minor deceleration this month, possibly attributed to the recent uptick in gold prices. The CDIT (consumer durables and IT) segment is still in the process of rebounding,” remarked Kumar Rajagopalan, CEO of the Retailers Association of India (RAI).
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“As we approach the 2024 General Elections, we hold an optimistic view regarding the growth potential of the retail sector. Traditionally, election years stimulate economic activities, fostering heightened consumer spending across various regions and product categories. This year, we foresee a similar pattern, with significant rises in discretionary expenditure, especially within sectors like FMCG and consumer durables,” commented Rajagopalan.
Sports goods saw an 11% growth, while apparel and beauty categories both exhibited a 10% increase compared to sales levels in March 2023.
The optimism is evident in the resumption of retail chains expanding across the nation.
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