Footwear and apparel sectors show strong performance; South India leads regional growth
India’s retail sector noted a significant 5 per cent growth in sales in June 2024 compared to the same period last year, according to the 52nd Retail Business Survey by the Retailers Association of India (RAI).
The footwear, apparel and clothing sectors each recorded a 4 per cent increase in sales, reflecting a positive trend in consumer spending. Regional growth was led by South India, which saw a notable 7 per cent rise in sales. North and East India followed with 5 per cent increases, while West India experienced a 4 per cent growth.
Kumar Rajagopalan, CEO of RAI, commented on the positive trend, “Retailers saw a 5 per cent growth in June 2024 compared to the same period last year, indicating positive consumer spending trends. South India led with a 7 per cent increase, while the QSR sector grew by 8 per cent. End-of-season sales in discretionary items also contributed. With the upcoming festival season and a promising monsoon, we anticipate further improvement in consumer sentiment and retail sales.”
The survey underscores robust performance across various sectors, particularly in discretionary items, bolstered by end-of-season sales. The RAI expects the upcoming festival season and favourable monsoon conditions to further boost consumer sentiment and retail sales.
