Retail Sales In India See Modest 4% Growth In April 2024

Mumbai, May 17 (KNN) Retail businesses across India experienced a 4 per cent increase in sales during April 2024 compared to the same month last year, according to the 50th Retail Business Survey conducted by the Retailers Association of India (RAI).

The modest growth comes amid a mixed economic landscape, with consumers remaining cautious about discretionary spending even as other sectors like automotive, real estate and travel exhibit strength.

"While economic indicators are largely positive, the retail sector has yet to witness the double-digit growth typical of more robust cycles," stated Kumar Rajagopalan, Chief Executive Officer of RAI.

"Customers appear to be prioritising major purchases over non-essential retail goods as they await greater clarity following the upcoming national elections in June," he added.

Regionally, sales expanded by 5 per cent in North, South and West India, outpacing the 2 per cent growth seen in the East. By category, the quickservice restaurant (QSR) and food/grocery segments led with 7 per cent year-over-year increases, followed by a 6 per cent gain in jewellery sales.

Rajagopalan expressed optimism that retail demand would accelerate in the latter half of 2024 once post-election market certainty takes hold. For now, however, a mood of consumer prudence appears to be constraining more vigorous retail performance nationwide.

(KNN Bureau)