Indian Retail Sees 4% Growth in December 2023, Reveals RAI Survey

New Delhi, Jan 25 (KNN) The Indian retail sector has witnessed a 4 per cent increase in December 2023 sales compared to the corresponding period in 2022.

The Retail Business Survey conducted by the Retailers Association of India (RAI) noted that despite starting discounts mid-month and the wedding season, growth had been muted for many retailers in December.

Commenting on the survey's findings, Kumar Rajagopalan, CEO of RAI, observed, “As we analysed the retail sector’s performance in December 2023, retailers who sold categories with high value and consumer financing did see business growth.”

The survey noted that consumers are opting for purchases like cars, houses, and high-end electronics on an EMI basis. However, other discretionary spending experienced a reduction.

The industry's overall growth of 4 per cent was driven by new stores and trading in new geographies, while like-for-like stores growth was negative at about 5 per cent for most offline retailers.

Across regions, South India led with a 7 per cent growth, followed by North and West India with 3 per cent each, and East India with a 2 per cent growth.

In terms of categories, Quick Service Restaurants (QSR) reported a 9 per cent growth, followed by food & grocery (8 per cent), jewellery (7 per cent), and beauty (6 per cent). Consumer durables and IT products experienced a 2 per cent decline compared to December 2022 sales levels.

(KNN Bureau)