Retail industry sees 19% rise in sales during Apr.-Nov.: RAI
India’s retail industry saw a 19% rise in sales over pre-pandemic levels during the April-November 2022 period riding on the back of strong performance of segments such as quick service restaurant and footwear, Retailers Association of India (RAI) said on Friday.
Region wise, the eastern part clocked the highest growth at 21% as compared to the same period in 2019, RAI said in a statement.
North India followed with a 19% growth while both western and southern parts witnessed an 18 per cent rise each, it added.
“The industries that did particularly well during this period were the QSR (quick service restaurant) and the footwear industries, with a 30% growth compared to 2019,” RAI said.
However, the beauty, wellness and personal care industry only saw a 7% growth as against the same period in 2019, it added.
“Consumers are back to shopping in stores, and it’s something they enjoy even as they continue to buy online,” RAI CEO Kumar Rajagopalan said.
RAI Chairman Bijou Kurien said in the last two years witnessed dramatic changes in the Indian retail industry and adoption of technology by offline retailers saw a quantum jump.
On the outlook for 2023, he said, “Retail in India is expected to grow better than all other key markets across the world. Omnichannel retail has become the norm for retailers.”
He further said concepts like ONDC (Open Network for Digital Commerce) will enable millions of small retailers to participate in digital commerce.
“However, the coronavirus worry still looms large in other countries and inflation creates headwinds for retail. Having said that, the occasion-wear market (festivals, weddings, etc.) will thrive in the country if no Covid-19 restrictions are introduced,” he said.