Retail sector grows at 2% YoY again, as per RAI
retail sector grew at a modest 2% year-on-year in August 2024, as per the Retailers Association of India’s (RAI) 54th Retail Business Survey.
Kumar Rajagopalan, chief executive of the Retailers Association of India (RAI), said, “Retail business for the month of August has not shown robust growth over last year. Many retailers have maintained that they have witnessed negative growth on a like-for-like basis. All expectations are that the festive season could bring positive growth since the situation of the economy overall is positive”.
The north and south India reported a 3% year-on-year growth, while the east and west parts of the country posted 1% each.
The food and grocery category witnessed the highest year-on-year growth with 7%. This was followed by 5% year-on-year growth in the jewellery category. Quick-service restaurants (QSRs), consumer durables and electronics, and apparel and clothing posted 2% year-on-year growth. The footwear category observed a 1% growth rate.
Furniture and furnishing, beauty, wellness and personal care, and sports goods reported a 2%, 1%, and 1% degrowth over the year.
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