The 51st edition of the Retail Business Survey by the Retailers Association of India indicates that sales in May 2024 showed a growth of 3% as compared to the sales levels in May 2023.
Speaking about the findings, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said,”Retailers saw a 3% 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 positive 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.”
Retail businesses across regions have indicated growth in sales compared to May 2023, with South India showing the highest increase at 4%, followed by East and West India at 3% each, and North India at 2%. Among categories, food & grocery and CDIT products (consumer durables/electronics) reported a growth of 6% each, followed by QSR, which showed a growth of 5% compared to May 2023 sales levels.
About RAI:
Retailers Association of India is the unified voice of Indian retailers. RAI works with all the stakeholders for creating the right environment for the growth of the modern retail industry in India. It is a strong advocate for retailing in India and works with all levels of government and stakeholders to support employment growth and career opportunities in retail, promote and sustain retail investments in communities from coast to coast, and enhance consumer choice and industry competitiveness.
