India, September 23, 2024: According to the 54th Retail Business Survey, which was just released by the Retailers Association of India, the retail sector would rise by a moderate 2% in August 2024 compared to the same month the previous year. It explains the patterns that dominate distinct retail markets across the nation. On a like-for-like basis, retail businesses have not yet shown double-digit growth.
Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said,”August’s retail sales did not grow significantly over the previous year.” Numerous merchants have argued that, on a like-for-like basis, they have seen negative growth. Since the state of the economy is generally improving, everyone anticipates that the holiday season will bring about positive growth.
As per the poll, there was a 3% boost in sales in North and South India, and a 1% increase in sales in East and West India. Compared to August 2023, the retail categories with the biggest increases were food and grocery, which increased by 7%, and jewelry, which saw a boost of 5%.
RAI urges all parties involved to embrace tactics that stimulate customer demand and propel the retail sector’s long-term expansion and prosperity.
