In categories, QSR and jewellery reported a growth of 14% each, followed by food and grocery (13%) and beauty (10%) as compared to sales levels in August 2022
Mumbai: Retail sales in August 2023 showed a growth of 9% as compared to the sales levels during the same period in August 2022, indicates the 43rd edition of the Retail Business Survey by the Retailers Association of India (RAI) in a press release on Friday.
In categories, QSR and jewellery reported a growth of 14% each, followed by food and grocery (13%) and beauty (10%) as compared to sales levels in August 2022.
Retail businesses across regions have indicated growth in sales as compared to the August 2022 sales level with the highest in South India signalling growth of 15%, while West India indicated a growth of 8% followed by East India and North India signalling a growth of 7% and 6% respectively. The double-digit growth of South India could be attributed to a good number of Muhurtham Days in August, lots of weddings across the four Southern states and the Onam festival which started on 20th August and lasted till 31st August 2023.
Speaking about the findings, Kumar Rajagopalan, chief executive officer, RAI said, “It looks as if consumers are going out for shopping. In order to understand the complete impact of the festival season on retail sales, it is essential to see the figures for September, October and November. Retailers are foreseeing the double-digit growth in the coming months as the festive season is closer.”
Retailers Association of India (RAI) is the unified voice of Indian retailers. RAI works with all the stakeholders to create the right environment for the growth of the modern retail industry in India. It works with all levels of government and stakeholders to support employment growth and career opportunities in retail, promote and sustain retail investments in communities from coast to coast, and enhance consumer choice and industry competitiveness.