Indian retail sales in March 2024 saw a promising 8 per cent increase compared to the same month last year, according to the latest findings from the 49th edition of the Retail Business Survey by the Retailers Association of India (RAI). The surge in sales is fuelled by a robust recovery in the retail sector, with particular strength in discretionary spending on apparels and sporting goods.
As India approaches the 2024 General Elections, there is a palpable sense of optimism about the retail sector's growth prospects. Historical trends suggest that election years typically boost economic activity and consumer spending across various regions and product categories. This year, retailers expect a substantial uptick in spending, thanks to heightened election-related enthusiasm.
Region-wise, the growth in retail sales has been uneven, with the highest increase observed in South India, where sales grew by 9 per cent. This was closely followed by West India with an 8 per cent growth, while North and East India reported slightly lower increases of 7 per cent and 6 per cent, respectively, as per the survey.
Indian retail sales in March 2024 increased by 8 per cent compared to the previous year.
Sports goods and apparel led the category growth with increases of 11 per cent and 10 per cent respectively.
As the 2024 General Elections approach, there is heightened optimism in the retail sector.
Regional sales growth varied, with South India leading at 9 per cent.#
Among product categories, sports goods led the growth with an impressive 11 per cent increase, followed by apparel, which saw a 10 per cent rise compared to March 2023.
Fibre2Fashion News Desk (DP)
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