22 June 2023, Mumbai
Growth for retailers in May 2023;According to the Retailers Association of India's latest Retail Business Survey, retailers experienced a 7% growth in May 2023 compared to the same month in 2022. Jewellery and apparel were the leading categories driving this growth.
Eastern India saw an 8% increase, while South India and West India saw growth rates of 7% and 6% respectively. However, retailers in North India only witnessed a 5% growth in May compared to last year. Kumar Rajagopalan, CEO of the Retailers Association of India, noted that while moderate growth is being observed, it should be considered in light of the extraordinary growth experienced in April and May 2022.
Sales trends awaited for next quarter
The coming three months will be crucial for drawing definitive conclusions. A report by Motilal Oswal Financial Services also indicated softer demand scenarios and weak footfall in the lifestyle products segment.
Jewellery and apparel categories drive the growth
Categories such as food and grocery, quick-service restaurants, and consumer durables reported moderate growth, while sports goods, furniture, and lifestyle products saw lower growth rates.
