The survey results highlight that the food and grocery segment registered the highest growth of 7 per cent across different retail categories
Failing to register a growth rate in double digits, the country’s retail sector’s growth has been pegged at a modest 2 per cent in August 2024 over the corresponding period in the previous year as per the 54th Retail Business Survey by the Retailers Association of India (RAI).
The survey explains the trends that rule various retail segments in different parts of the country. According to the survey north India saw sales growth at 3 per cent along with south India which also reported the same growth. East and west India reported an increase of 1 per cent in the same category, as highlighted by the survey.
“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 the economy overall is positive,” stated “Kumar Rajagopalan, Chief Executive Officer (CEO), Retailers Association of India (RAI).
The survey results highlighted that the food and grocery segment registered the highest growth of 7 per cent across different retail categories. Jewellery managed to secure the second spot with a 5 per cent growth in August 2024 as compared to the same period a year ago.
RAI encourages the stakeholders to adopt strategies that energise consumer demand and drive the long-term growth and success of the retail industry.
