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Retail sales grows 5% y-o-y in February 2024 : RAI Survey

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According to the survey, sports goods reported a growth of 9% followed by footwear (8%) and QSR (7%) as compared to sales levels in February 2023

Bengaluru: Retail sales in February 2024 showed a gain of 5% as compared to the sales levels during the same period in February 2023, showed the 48nd edition of the Retail Business Survey by the Retailers Association of India (RAI).

Retail businesses across regions have witnessed growth in sales as compared to February 2023 sales level with the highest in West and South India signalling growth of 6% each, while North India indicated a growth of 4% followed by East India signalling a growth of only 3%.

In categories, sports goods reported a growth of 9% followed by footwear (8%) and QSR (7%) as compared to sales levels in February 2023.

“Customers seem to spend cyclically across categories and regions. East of India was showing strong growth for most part of the financial year, but seems to have weakened over the last couple of months. Similarly, CDIT products growth seems to face headwinds in the last quarter while it grew well in the first three quarters,” said Kumar Rajagopalan, chief executive officer, RAI.

“Overall consumers are recalibrating purchases based on various category spend across the stated categories as well as travel and capital expenditure like automobiles and housing purchases. What we also gather is that the middle-class consumers are stretching their budgets, thanks to easy availability of finance and then are recalibrating their expenditure based on EMI outflows,” he added.

RAI is the apex body of retailers in India and works with all the stakeholders to create the right environment for the growth of the modern retail industry in India.

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