A recent survey by the Retailers Association of India (RAI) revealed that in September 2023, retail sales surged by 9% compared to the same period in September 2022.
Retail businesses in all regions across India reported increased sales, with the Southern region witnessing the highest year-over-year growth at 13%. The East and North regions showed growth rates of 7% and 6%, respectively, while West India saw an 8% growth.
Kumar Rajagopalan, CEO of RAI, noted that the festive season contributes to this positive trend, especially with expectations of increased purchases, particularly for celebratory items. Retailers are optimistic about the upcoming Diwali season driving growth.
The significant double-digit growth observed in South India can be attributed to the opening of new stores and expansion during September 2023.
The Quick-Service Restaurants (QSR) category reported impressive growth of 15%. Food and grocery and sports goods also showed substantial increases of 14% and 13%, respectively, compared to September 2022. In contrast, the jewelry sector displayed the lowest growth. The cricket season played a role in boosting sales of sporting goods as well.
