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Retailers witness 7% sales growth in May 2023: Report

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Retail businesses across regions have indicated growth in sales compared to May 2022 sales level with East India signalling growth of 8%, while South India and West India indicate a growth of 7% and 6% respectively followed by North India at 5%

Bengaluru:  Retail businesses across India have witnessed a growth of 7% in May 2023 as compared to the sales levels during the same period in May 2022, records the Retailers Association of India (RAI) in the 40th edition of its Retail Business Survey.

“Retailers witnessed a modest growth of 7% in the month of May 2023. As consumers are now getting into their normal business routines, we are witnessing moderate growth over previous year,” said Kumar Rajagopalan, chief executive officer of RAI.

“We are also aware that April and May months in 2022 witnessed extraordinary growth at 23% and 24% respectively compared to pre-pandemic period (April 2019 and May 2019). We will have to wait and watch how the next three months pan out to draw a proper conclusion,” he added.

In categories, jewellery and apparel showed a growth at 9% followed by food and grocery (8%) and quick service restaurants (QSR) (7%) as compared to sales levels in May 2022.  While consumer durables and electronics category as well as beauty, wellness and personal care sector showed a growth of 5% each.

Furniture and sports goods business witnessed the least growth of 2% in May 2023, while the footwear category recorded sales growth of 3%.

Retail businesses across regions have indicated growth in sales as compared to May 2022 sales level with East India signaling growth of 8%, while South India and West India indicate a growth of 7% and 6% respectively followed by North India at 5%.

Launched in 2004 and headquartered in Mumbai, RAI is the apex body which represents offline and online retailers in India.

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