According to the survey, North and South India saw sales growth at 3% each, while East And West India showed an increase of 1% each
Bengaluru: Retail sales in August 2024 showed a moderate gain of 2% as compared to the sales levels during the same period in August 2023, Retailers Association of India (RAI) said in its latest edition of its Retail Business Survey.
According to the survey, North and South India saw sales growth at 3% each, while East And West India showed an increase of 1% each.
“Retail business for the month of August has not shown robust growth over last year,” said Kumar Rajagopalan, chief executive officer of RAI. “Many retailers have maintained that they have witnessed negative growth on a like for like basis. All expectations are that the festive season could bring positive growth since the situation of the economy overall is positive.”
In terms of categories, food and grocery experienced the highest growth at 7%, followed by jewellery at 5% compared to August 2023. Quick service restaurants (QSR), consumer durables and electronics, as well as apparel showed a growth of 2%, while footwear recorded the lowest growth at 1%.
Meanwhile, furniture, beauty and wellness, and sports goods faced declines, with sales falling by 2%, 1%, and 1%, respectively, compared to August of the previous year.
In July 2024 as well, sales showed only a 2% increase compared to the same period in July 2023. Retail business are yet to show double digit growth on a like for like basis, RAI 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.
