Retailers Association of India just released its 55th Retail Business Survey, which pegs the retail sector’s growth at 5% in September 2024 over the corresponding period in the previous year. It explains the trends that rule various retail segments in different parts of the country. There are hopes that the Indian retail sector will show renewed vigour following a lacklustre growth period from April to September.
Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “September’s retail performance highlights that consumers are spending selectively. As we approach the festive season, this behaviour presents an opportunity for retailers to align their strategies with consumer expectations. The retail landscape remains favourable for growth, and energizing consumer demand will be a key to driving long-term success in the industry. Overall, Indian economy seems to be nice and bullish and the conditions for the retail sector remain favourable as we move into the holiday season”.
According to the survey, North India saw the sales growth of 7%, followed by West and South India which showed an increase of 5% each while East India showed a growth of only 4%. Of the different retail categories, food and grocery registered the highest growth of 12%, followed by 8% in jewellery compared to September 2023.
September numbers show consumers are willing to spend where they see value.
