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Business News/ Industry / Retail/  Retail sales up 9% in August on back of early festive buying
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Retail sales up 9% in August on back of early festive buying

Retailers are hoping for double-digit growth in the coming months as festival season consumption kicks in

Jewellery sales grew 14% on year in August.Premium
Jewellery sales grew 14% on year in August.

New Delhi: Domestic retail sales grew 9% year-on-year in August, indicating momentum to early festival season buying, the Retailers Association of India (RAI), an industry body that works with retailers pan-India, said on Friday.

“Retailers witnessed a growth of 9% in the month of August 2023. QSR and Jewellery showed a growth at 14% each, while food & grocery has shown a 13% growth. It looks as if consumers are going out for shopping. In order to understand the complete impact of the festival season on retail sales, it is essential to see the figures of September, October and November. Retailers are foreseeing the double-digit growth in the coming months as the festive season is closer," Kumar Rajagopalan, chief executive, RAI, said announcing the 43rd edition of the Retail Business Survey by the association.

Demand trends varied across categories, with retail sales in grocery rising 13%, followed by beauty (10%) as compared to sales levels in August 2022. Apparel retailers reported a 8% jump in year-on-year sales, electronics retailers, too, reported similar growth.

Retail sales grew across the whole of the country, said RAI which tracks sales across mutable categories such as apparel, grocery, quick service restaurants, jewellery, among others.

“Retail businesses across regions have indicated growth in sales as compared to August 2022 sales level with the highest in South India signaling growth of 15%, while West India indicated a growth of 8% followed by East India and North India signalling a growth of 7% & 6% respectively," it said.

Double-digit growth in southern India was led by a good number of muhurtham days in August, coupled with a strong wedding season across the four southern states, and the Onam festival which lasted from 20 August to 31 August.

Retailers are pinning hopes on a strong festival season to help lift consumption that was affected in the first half of the year as unseasonal rainfall dented demand for cooling appliances and beverages.

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Published: 22 Sep 2023, 03:24 PM IST
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