Most retailers have indicated that the footfalls were not even equal to 2022 though the sales were just about the same as the previous year
New Delhi: The retail sales in October & November 2023 showed a growth of 7% as compared to the sales levels during the same period in 2022, a release by the Retailers Association of India stated.
The findings were revealed as part of the 45th edition of the Retail Business Survey.
“Retailers had anticipated double-digit sales growth during the Puja and Diwali seasons in October and November 2023 however, the sales growth has been muted for many retailers.,” said Kumar Rajagopalan, chief executive officer, Retailers Association of India (RAI)
“Most retailers have indicated that the footfalls were not equal to 2022 though the sales were about the same as the previous year. Many retailers, especially in the apparel category, only grew over last year because of new store openings and online sales,” added Rajagopalan.
The like-for-like store business was negative in more than 50% of the retailers surveyed. Retailers did witness a growth in high-value products. The Jewellery business grew due to higher gold prices and the demand in the latter part of November thanks to the wedding season. However, businesses for low-value products saw a quantitative dip. “Retailers are pinning their hopes on the wedding season, occasion wear business and end-of-season sales in the coming two months,” the RAI CEO added.
Retail businesses across regions have indicated growth in sales as compared to October & November 2022 sales levels with East India signalling a growth of 11%, while South India indicated a growth of 7% followed by North India and West India signalling a growth of 6% and 5% respectively.
In categories, jewellery reported a growth of 13% followed by Sports Goods (11%) and footwear (10%). Consumer durable and IT products grew 9% due to higher consumer finance schemes compared to the sales levels in October & November 2022.
