According to the Retail Business Survey conducted by the Retailers Association of India (RAI), retail sales in September 2023 registered a 9% increase when compared to the sales figures for the same period in September 2022.
Retail establishments in various regions have reported increased sales in comparison to their September 2022 figures. South India saw the most substantial growth, with a 13% year-on-year increase in sales. West India followed with an 8% increase, while East India and North India reported growth rates of 7% and 6%, respectively. The remarkable double-digit growth in South India can be attributed to the opening of new stores and expansion efforts during September 2023.
RAI Survey: Retail Sales Rises upto 9%!
When categorized, Quick Service Restaurants (QSRs) showed an impressive growth of 15%. Food & grocery and sports goods also exhibited strong growth, each at 14%, while the jewelry category saw a respectable 13% increase in sales compared to September 2022 levels.
Speaking about the findings, Kumar Rajagopalan, chief executive officer, Retailers Association of India (RAI), said, “Festive season definitely rings in positivity. As we approach Diwali, there’s an anticipation of an uptick in purchases, especially of celebratory items. Retailers are betting big on the season to drive growth.”
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RAI serves as the foremost organization representing retailers in India, collaborating with various stakeholders to foster a conducive environment for the advancement of the modern retail industry in the country.