Retail Sales See 5% Year-on-Year Growth in September 2024: RAI Survey

Retail sales in September 2024 showed a gain of 5% as compared to the sales levels during the same period in September 2023, Retailers Association of India (RAI) said in its latest edition of its Retail Business Survey. According to the survey, North India saw 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%.

“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,” said Kumar Rajagopalan, chief executive officer of RAI. “The retail landscape remains favourable for growth, and energising 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,” he added.

In terms of categories, food and grocery experienced the highest growth at 12%, followed by jewellery at 8% and consumer durables at 6% compared to September 2023. Quick service restaurants (QSR) and apparel both saw a 5% increase, footwear grew by 4%, and beauty and wellness experienced a 2% rise.

Footwear recorded the lowest growth at 1%, while furniture category faced decline, with sales falling by 1%, compared to September of the previous year. September numbers show consumers are willing to spend where they see value, RAI added. In 2024 August, sales showed only a 2% increase compared to the same period in August 2023.

RAI is the apex body of retailers in India and works with all the stakeholders to create the right environment for the growth of the modern retail industry in India.