Retail firms across the country reported a 5 per cent increase in sales in January 2024 as compared to January 2023, according to a poll conducted by the Retailers Association of India (RAI),
West India had the greatest growth rate of 6 per cent, followed by North and South India at 5 per cent each and East India at 3 per cent.
QSR, food & groceries, and jewellery all saw a 9 per cent rise, followed by sports goods (8 per cent) and cosmetics (6 per cent), when compared to sales in January 2023.
“Retail businesses have shown a discouraging trend in the month of January as a comparison to 2023 January. While the marriage season supported jewellery, food and grocery to post growth, most of the other categories have witnessed minimal growth,” said Kumar Rajagopalan, chief executive officer, RAI.
He said that most stores have reported negative growth on a like-for-like basis. While the north of India has grown, many in the east and south have experienced negative growth due to low consumer demand for discretionary items.
“Even CDIT (consumer durables and IT) retailers have found the month of January to be challenged for growth. Many garment retailers have found growth challenging in spite of it being discount season for non-occasion wear garments,” the CEO added.
