Retailers in the country saw sales growth in high single digits in August compared with the same month last year. According to the latest survey released by the Retailers Association of India (RAI), retail sales in August 2023 clocked a growth of 9 per cent compared with the sales levels in August 2022. Southern India led this growth due to weddings as well as Onam.
Retail businesses in South India reported the highest growth of 15 per cent in August compared with the same period last year. West India indicated a growth of 8 per cent followed by East India and North India signalling a growth of 7 per cent and 6 per cent respectively, the survey findings revealed.
“The double-digit growth of South India could be attributed to a good number of muhurtham days in August, lots of weddings across the four southern States and Onam festival which started from August 20 and lasted till August 31,” the industry body stated.
Eyeing double-digit growth
Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “It looks as if consumers are going out for shopping. In order to understand the complete impact of the festival season on retail sales, it is essential to see the figures of September, October and November. Retailers are foreseeing double-digit growth in the coming months as the festive season is closer.”
In terms of categories, growth was led by jewellery, quick service restaurant (QSR) and food and grocery segments. Sales in QSR and jewellery categories showed a growth at 14 per cent each, while sales in food and grocery was up 13 per cent.
Beauty retail sales was up 10 per cent, while sports goods sales garnered 9 per cent growth. Categories such as apparel and consumer durables clocked growth of 8 per cent each in August this year compared with August 2022. Footwear and furniture segments saw growth in the range of 5-6 per cent.