Retail sales in India grew 7% in May 2023, compared to the same period in 2022, television channel CNBC-TV18 reported citing data from the Retailers Association of India (RAI).
During the month, sales for sports goods and furniture rose 2% while sales in footwear and apparel categories increased by 3% and 9%, respectively.
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The RAI, a not-for-profit organisation for retailers, also revealed that sales in the beauty, wellness, personal care and electronics categories grew by 5%.
Sales in the Indian food and grocery category increased 8% while jewellery sales were up 9% in May.
Retail sales increased by double-digits over the past year due to a rise in demand following the Covid-19 pandemic and the low base.
According to RAI, the retail industry has experienced moderate growth over the last year as consumers are getting into regular business routines, which accounts for the high base in April and May 2023.
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By GlobalDataRetailers Association of India (RAI) CEO Kumar Rajagopalan said: “The softness is in comparison to the hyper growth retailers saw last year. What we’re seeing right now is moderate growth, which is good. The next three months will help decide whether this year will be a year of high or moderate growth for the retail industry.”
Despite the fact that the RAI expects the growth to continue, during recent earnings calls, retailers have recorded a slowdown, especially in smaller towns.
