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Retail sales grow 3% y-o-y in May 2024: RAI Survey

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Sales in South India showed the highest increase at 4%, followed by East and West India at 3% each and North India at 2%

Bengaluru: Retail sales in May 2024 showed a gain of 3% as compared to the sales levels during the same period in May 2023, uncovered Retailers Association of India (RAI) in the latest edition of its Retail Business Survey.

Among categories, food and grocery and consumer durables and electronics reported a growth of 6% each, followed by quick service restaurants (QSR), which showed a growth of 5% compared to May 2023 sales levels. 

The furniture category, as well as footwear and beauty and wellness, demonstrated a growth of 3%. Apparel, sports goods, and jewellery exhibited the least growth, each at 1%.

“While consumer spending on non-essential items remains cautious, categories such as food, grocery, and consumer durables have shown positive growth trajectory. Retailers are looking forward to the business post-election season,” said Kumar Rajagopalan, chief executive officer of RAI.

“Budget in July will hopefully provide much-needed incentives to bolster consumer confidence and support further growth in the retail sector,” he added.

Retail businesses across regions have indicated growth in sales compared to May 2023, with South India showing the highest increase at 4%, followed by East and West India at 3% each, and North India at 2%.

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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