According to a recent survey conducted by the Retailers Association of India (RAI), the retail sector has shown significant growth in August 2023, with a remarkable 9% increase compared to the same period in the previous year. This upward trend follows a similar pattern from July, where overall retail sales also saw a 9% rise compared to the previous year. Furthermore, the apparel sector, an integral part of retail, experienced an 8% growth in July.
Delving into specific categories, food and grocery sales surged impressively, recording a remarkable 13% growth rate. Similarly, quick-service restaurants (QSR) and the jewelry sector both witnessed a robust 14% increase in sales. As retailers gear up for the upcoming holiday season, they anticipate maintaining this positive momentum, with expectations of double-digit growth in the coming months.
The encouraging sales figures are not limited to one particular region but have been observed across the nation. South India has stood out with the highest growth rate, boasting a substantial 15% increase compared to retail sales in August 2022. West India follows closely with an 8% growth rate, while East India and North India have experienced growth rates of 7% and 6%, respectively.
In terms of specific retail categories, the survey highlights that QSR and jewelry have both excelled, each achieving a remarkable 14% growth rate when compared to sales levels in August 2022. Food and groceries also demonstrated a strong performance with a 13% increase, while the beauty sector maintained a healthy growth rate of 10%. These findings indicate that the retail industry in India is on a positive trajectory, showing resilience and adaptability in the face of changing market dynamics.
