Retailers Association of India (RAI) claimed in its 42nd Retail Business Survey, which was issued on Saturday, that retail sales increased 9% in July when compared to the same month last year.
The final week of July saw an increase in sales for retailers as many of them began their end-of-season deals, according to a statement from Kumar Rajagopalan, CEO of the retailers group.
According to a previous Mint story, numerous major stores pushed their end-of-season promotions due to the lacklustre demand for garments in the months before. However, given that customers are already displaying signals of purchasing, the next holiday season appears to offer hope for merchants.
“Quick service restaurants and food and grocery showed a growth at 15% and 14% respectively, while jewellery has shown a 12% growth. As consumers are now getting into their normal business routines, we are seeing a trend of online-to-offline, where customers discover the products online but make purchases in-store. Moreover, brands are making concerted efforts to create a favourable shopping environment for customers,” said Rajagopalan.
According to RAI statistics, regional retail firms appear to have recorded an increase in sales since July 2022. Retailers in South India reported a 12% year-over-year increase, those in West India a 9% increase, those in North India a 7% increase, and those in East India a 7% increase.
In terms of sales growth for the month, QSR, food and grocery chains, and jewellery came in first with 12% and 11%, respectively. Sales of clothing increased 8% over the prior year.
