Retail sales in April 2024 surged by 4% compared to the sales levels during the same period in April 2023, as revealed by the Retailers Association of India (RAI) in the latest edition of its Retail Business Survey.
In specific categories, quick service restaurants (QSR) and food and grocery saw a growth of 7% each, while jewellery exhibited a 6% growth compared to sales levels in April 2023.
Consumer durables and electronics, as well as the furniture category, experienced a 5% growth, trailed by beauty, wellness, and personal care, which demonstrated a 4% growth. Meanwhile, apparel, footwear, and sports goods exhibited the least growth, each at 2%.
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Kumar Rajagopalan, CEO of RAI, said, “Although the economic indicators for the culinary sector are promising, the retail sector has not yet experienced double-digit growth in line with typical trends.”
The CEO continued, “Customers have been cautious in their spending on non-essential things, although they are more attracted to capital expenditures such as autos, houses, and travel. We expect growth to accelerate following the release of election results in June.”
Retail businesses in various regions have reported increased sales compared to April 2023 levels, with North, South, and West India each experiencing a 5% growth, while East India showed a 2% increase.
RAI serves as the apex body representing retailers in India, collaborating with all stakeholders to foster a favorable environment for the advancement of the modern retail industry in the country.
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