22 February 2023, Mumbai
Retail sales in October 2022 grew by 15 percent compared to October 2021 and 19 percent compared to October 2019.
The peak festive season period may have mitigated the effects of inflation to some extent in Tier II and beyond towns.
Retail businesses across regions have indicated growth in sales compared to pre-pandemic levels with west India signaling a growth of 25 percent, while south and east India indicate a growth of 18 percent each, followed by north India at 14 percent compared to sales in October 2019.
The overall retail segment witnessed robust demand during the quarter gone by, with some companies reporting growth over the pre-Covid figures. Titan’s jewelry business grew 18 percent year on year and sales of its wearables segment almost tripled during the third quarter over the corresponding period of last year.
Trent’s revenue jumped 78 percent year on year and 222 percent over the pre-pandemic period. Value retailers are expected to gain a boost from the second half of the fiscal year 2023 in line with premium retailers on account of normal monsoon, higher minimum support price for crops, increased wages, and a greater shift from unorganized to organized players in smaller towns.
