RAI survey points to cautious spending on non-essentials, a steady rise in essential categories
The Retailers Association of India (RAI) has released its 51st edition of the Retail Business Survey, which shows that sales in May 2024 increased by three per cent over May 2023 levels.
All throughout India, retail firms have reported more sales than they had in May 2023. South India has experienced the most increase, at four per cent, followed by East and West India at three per cent apiece and North India at two per cent.
As per the data from RAI, Apparel & Clothing registered a minimal growth of one per cent which was among the lowest in all categories and similar to sports goods and jewellery.
Speaking about the findings, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “Retailers saw a three per cent growth in May 2024 compared to the same period last year. While consumer spending on non-essential items remains cautious, categories such as food, grocery, and consumer durables have shown growth trajectory. Retailers are looking forward to business post-election season. Budget in July will hopefully provide much-needed incentives to bolster consumer confidence and support further growth in the retail sector.”
