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Retail sales grow 8% y-o-y in March 2024: RAI Survey

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According to the survey, sports goods reported a growth of 11% followed by apparel and beauty showing a growth of 10% each as compared to sales levels in March 2023

Bengaluru: Retail sales in March 2024 showed a gain of 8% as compared to the sales levels during the same period in March 2023, uncovered Retailers Association of India (RAI) in the latest edition of its Retail Business Survey.

“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,” said Kumar Rajagopalan, chief executive officer, RAI.

Retail businesses across regions have indicated growth in sales compared to sales in March 2023 with the highest in South India signalling an increase of 9%, while West India indicated a growth of 8% followed by North and East India signalling a growth of 7% and 6% respectively.

In categories, sports goods reported a growth of 11% followed by apparel and beauty showing a rise of 10% each compared to sales levels in March 2023.

Quick service restaurants (QSR), food and grocery as well as footwear segment saw a 9% growth in March 2024 followed by the furniture category (8%) and jewellery (6%). Consumer durables and electronics witnessed a 4% drop in growth compared to March 2023.

“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. CDIT segment is still yet to recover,” said Rajagopalan

“Historically, election years catalyse economic activities, enhancing consumer spending across regions and categories. We anticipate a similar trend this year, with substantial increases in discretionary spending, particularly in sectors such as FMCG and consumer durables,” 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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