India's rank moves up to 11 in global direct selling even as global retail sales plunge
₹26,852 crore) in 2022, India jumped to 11th position in the top markets of direct sellers, as per the World Federation of Direct Selling Association (WFDSA) report. The report which was quoted by the news agency PTI said that in the previous year, India witnessed a jump of 5.4% in retail sales. Moreover, during the last 3 years, India witnessed the highest Compounded Annual Growth Rate (CAGR) of over 13.3% on a constant dollar basis.
The WFDSA report mentioned that globally retail sales plunged by 1.5 to $172.89 billion during 2022. The United States continues to remain a top retail seller with direct sales worth $40.52 billion, a decline of 5% over 2021. The other markets in top categories include Korea, Germany, China, Japan, and Malaysia.
The growth in India's retail sales has injected optimism in the mood of the industry with the chairman of the Indian Direct Selling Association (IDSA) Rajat Banerji claiming that soon India will place itself in the top 5 markets for direct selling. "India's direct selling market is growing steadily and has the potential to place itself in the top five global markets over the next decade." IDSA is an autonomous, self-regulatory body for the direct selling industry in India. It acts as an interface between the industry and policy-making bodies of the Government facilitating the cause of the Direct Selling Industry in India.
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