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Retail businesses report 5% y-o-y growth in January: RAI Survey

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Among regions, West India reported the highest growth of 6% in January 2024 found a survey by RAI

New Delhi: Retail businesses across the country have reported a sales growth of 5% in January 2024 as compared to the sales levels in January 2023, as per a survey by retail industry apex body Retailers Association of India (RAI).

Among regions, West India reported the highest growth of 6%, while North and South India indicated a growth of 5% each followed by East India signalling a growth of only 3%.

In categories, QSR, food & grocery and jewellery reported a growth of 9% each, followed by sports goods (8%) and beauty (6%) as compared to sales levels in January 2023.

“Retail businesses have shown a discouraging trend in the month of January as a comparison to 2023 January. While the marriage season supported jewellery, food and grocery to post growth, most of the other categories have witnessed minimal growth,” said Kumar Rajagopalan, chief executive officer, RAI.

He added that most retailers have stated that they have witnessed negative growth on like-for-like basis. While the north of India has witnessed growth, many in the east and south of the country have witnessed negative growth with weak consumer demand for discretionary products.

“Even CDIT (consumer durables and IT) retailers have found the month of January to be challenged for growth. Many garment retailers have found growth challenging in spite of it being discount season for non-occasion wear garments,” the CEO added.

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