Retailers across the country saw modest growth in single digits in March compared to the same month last year. As per the latest survey released by the Retailers Association of India (RAI), retailers across the country reported a growth of 6 per cent last month compared to sales levels during the same period in March 2022.
While retailers in Eastern region clocked a growth of 8 per cent in March compared to the same month last year, in the South, the retail sales growth was pegged at 7 per cent year-on-year. In the Northern region, retailers clocked a growth of about 4 per cet in March 2023 compared to March 2022, while in the western region, it was estimated at 5 per cent.
Furniture and furnishings, consumer durables and electronics, sports goods and food & grocery segments led this growth.
Kumar Rajagopalan, CEO, RAI, said, “The Survey indicates a spike in furniture & furnishings and CDIT sales. Retailers are witnessing modest growth. RAI is already in touch with the Government bodies to enable ease of doing business in the country.”
Furniture and furnishing reported a growth of 13 per cent in March compared to the corresponding period in 2022. The rise in demand for cooling products helped consumer durables and electronics garner a growth of 12 per cent in March 2023 compared to the same month last year. “While Food & Grocery and Sports goods showed a growth of 11 per cent each as compared to sales levels in March 2022,” the survey added.
Footwear and apparel segments clocked a growth of 6 per cent and 2 per cent respectively in March 2023 compared to the same month last year. The beauty and wellness segment saw merely a growth of 1 per cent, while jewellery segment sales were just about 2 per cent in March 2023 compared to March 2022.