East tops retail sales growth, better outlook for ’23
26 December 2022, Mumbai
India’s retail industry saw a 19 per cent rise in sales over pre-pandemic levels during the April 2022 to November 2022 period. So says the Retailers Association of India.
The eastern part clocked the highest growth at 21 per cent as compared to the same period in 2019. North India followed with a 19 per cent growth while both the western and the southern parts witnessed an 18 per cent rise.
Industries that did particularly well during this period were the quick service restaurant and the footwear industries, with a 30 per cent growth compared to 2019. The beauty, wellness and personal care industry saw a seven per cent growth as against the same period in 2019.
Consumers are back to shopping in storeseven as they continue to buy online. The last two years witnessed dramatic changes in the Indian retail industry and adoption of technology by offline retailers saw a quantum jump.
For 2023 retail in India is expected to grow better than all other key markets across the world. Omnichannel retail has become the norm for retailers. Concepts like 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.
