The 49th edition of the Retail Business Survey by the Retailers Association of India (RAI) indicates that sales in March 2024 showed a growth of 8% as compared to the sales levels in March 2023.
Speaking about the findings, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, ‘‘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 apparels and sporting goods. However, 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 (consumer durables and IT) segment is still yet to recover.’’
He further adds, ‘‘In the lead-up to the 2024 General Elections, we are optimistic about the retail sector’s growth prospects. Historically, election years catalyse economic activities, enhancing consumer spending across regions and categories. This year, we anticipate a similar trend, with substantial increases in discretionary spending, particularly in sectors such as FMCG and consumer durables.”
Retail businesses across regions have indicated growth in sales as compared to March 2023 sales level with the highest in South India signaling a growth of 9%, while West India indicated a growth of 8% followed by North and East India signaling a growth of 7% and 6% respectively.
In categories, 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.
The optimism is also visible as retail chains have resumed expansions across the country.
