MUMBAI: The 49th edition of the Retail Business Survey by the Retailers Association of India (RAI) indicates that sales in March 2024 showed a growth of 8% as compared to sales levels in March 2023.
Speaking about the findings, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “In March 2024, our review of the retail sector revealed signs of a recovery in growth.The consumption landscape appears robust, driven by increased discretionary spending on apparel and sporting goods. However, the jewellery sector, despite its significant growth since last Diwali, has experienced a slight slowdown this past month, likely due to the recent surge in gold prices. The CDIT (consumer durables and IT) segment is yet to recover.”
He said, “In the lead-up to General Election 2024, we are optimistic about the retail sector’s growth prospects. Historically, election years catalyse economic activities, enhancing consumer spending across regions and categories. This year we expect a similar trend, with substantial increases in discretionary spending, particularly in sectors such as FMCG and consumer durables.”
RAI said retail businesses across regions have indicated growth in sales as compared to March 2023 sales level. The highest occurred in South India signalling a growth of 9%, while Western India indicated a growth of 8% followed by North and East India signalling a growth of 7% and 6% respectively.
In terms of categories, sports goods reported a growth of 11% followed by apparel and beauty at 10% each as compared to last March.
RAI claimed optimism is visible as retail chains have resumed expansion across the country.
Speaking about the findings, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “In March 2024, our review of the retail sector revealed signs of a recovery in growth.The consumption landscape appears robust, driven by increased discretionary spending on apparel and sporting goods. However, the jewellery sector, despite its significant growth since last Diwali, has experienced a slight slowdown this past month, likely due to the recent surge in gold prices. The CDIT (consumer durables and IT) segment is yet to recover.”
He said, “In the lead-up to General Election 2024, we are optimistic about the retail sector’s growth prospects. Historically, election years catalyse economic activities, enhancing consumer spending across regions and categories. This year we expect a similar trend, with substantial increases in discretionary spending, particularly in sectors such as FMCG and consumer durables.”
RAI said retail businesses across regions have indicated growth in sales as compared to March 2023 sales level. The highest occurred in South India signalling a growth of 9%, while Western India indicated a growth of 8% followed by North and East India signalling a growth of 7% and 6% respectively.
In terms of categories, sports goods reported a growth of 11% followed by apparel and beauty at 10% each as compared to last March.
RAI claimed optimism is visible as retail chains have resumed expansion across the country.
