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According to the most recent survey results from the Retailers Association of India (RAI), retailers across the nation have started to show indications of recovery. On average, they observed an increase of almost 8 per cent nationwide in March compared to the same month the previous year.
The sports goods, cosmetics and wellness, and apparel categories drove this development. The trade association stated that it anticipates increased consumption following the Lok Sabha elections. It also mentioned that the retail chains had started to expand again, indicating industry optimism.
Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “In March 2024, our review of the retail sector revealed signs of a recovery in growth. The consumption landscape appears robust, driven by increased discretionary spending on apparels and sporting goods.”
Southern India’s retail industry saw a 9 per cent increase in March 2024 compared to March 2023. Retailers in western India reported an 8 per cent increase in sales, with growths of 7 per cent and 6 per cent reported in north and east of the country, respectively.
In terms of categories, sports goods had an increase of 11 per cent, while the apparel and cosmetics divisions saw growth of 10 per cent apiece in comparison to March 2023 sales levels.