29 April 2023, Mumbai
The latest survey by the Retail Association of India (RAI) revealed that retail sales in India witnessed a 6% rise in March 2023 compared to the same period last year. While the furniture and furnishing segment saw the highest growth at 13%, the apparel industry experienced less than a 5% growth rate, along with other categories such as jewellery, footwear, beauty, and wellness.
Despite the slower growth rate in the apparel industry, the survey revealed that there were still opportunities for retailers to capitalize on.
The Eastern region of India saw the highest sales growth at 8%, followed by Southern and Western India with a 7% and 5% increase, respectively. Meanwhile, Northern India recorded the lowest year-on-year growth at 4%.
The RAI survey results indicate positive momentum for the retail industry in India, with certain segments experiencing significant growth.
While the furniture and electronics industries continue to lead the way, retailers in the apparel industry can look to the survey's findings to identify potential opportunities for growth. Additionally, efforts to improve the ease of doing business in the country could further enhance the industry's growth prospects.
