Retail sales up 7% in festive season, much below expectations
Mint had earlier reported that offline sellers of apparel, lifestyle and consumer goods, said shoppers at the mass end of the market spent sparingly this festive season. High inflation is prompting households to spend more conservatively, retailers said then.
Meanwhile, according to the survey, retail businesses across regions reported a growth in sales compared to the previous year’s October and November period with the eastern part of India signalling a growth of 11%, while south India indicated a growth of 7% followed by the North and the West signalling a growth of 6% and 5%, respectively. Categories such as jewellery reported a growth of 13% followed by sports goods (11%) and footwear (10%).
Consumer durables and IT products saw a growth of 9% due to higher consumer finance schemes as compared to the sales levels in October and November 2022, RAI said as part of its findings. Milestone Alert!
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