India, September 23, 2024: Retailers Association of India just released its 54th Retail Business Survey, which pegs the retail sector’s growth at a modest 2% in August 2024 over the corresponding period in theprevious year. It explains the trends that rule various retail segments in different parts of the country. Retail business are yet to show double digit growth on a like for like basis.
Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “Retail business for the month of August has not shown robust growth over last year. Many retailers have maintained that they have witnessed negative growth on like for like basis. All expectations are that the festive season could bring positive growth since the situation of economy overall is positive”.
According to the survey, North and South India saw the sales growth at 3% each, while Eastand West India showed an increase of 1% each. Of the different retail categories, food and grocery registered the highest growth of 7%, followed by 5% in jewellery compared to August 2023.
RAI encourages all stakeholders to adopt strategies that energize consumer demand and drive the long-term growth and success of the retail industry.
