With easing of Covid-related restrictions post the third wave, the retail sector is witnessing a growth over pre-pandemic levels.
As per the monthly retail business survey by Retailers Association of India, retail industry indicated sales in March 2022 clocked a growth of 28 per cent compared to March 2021 and 12 per cent compared to March 2019.
Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “The removal of pandemic-related restrictions has resulted in all-round growth of retail businesses across regions and categories including categories that were earlier showing weak sales like garments and footwear.”
“However, when looking at the performance, one needs to factor in the inbuilt inflation in most products like garments, electronics and some FMCG products,” he added.
Steady growth trajectory
In March 2022, the survey noted that West India showed a growth of 37 per cent (Y-O-Y), North India indicated a growth of 28 per cent (Y-O-Y), East India indicated a growth of 26 per cent (Y-O-Y), and South India indicated 21 per cent (Y-O-Y).
Offices have resumed normal working hours and consumers are stepping out to catch up on their social lives. “Retailers are hopeful that quantitative growth will be restored and business will be back on a steady growth trajectory in FY 2022,” RAI added.