Wednesday, June 19, 2024

January 2024 Retail Trends Highlight Concerns

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The 47th iteration of the Retail Business Survey conducted by the Retailers Association of India (RAI) reveals a 5% increase in sales during January 2024 compared to January 2023.

However, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), shared a concerning trend in January 2024 compared to the same period in 2023. He noted that while jewelry, food, and grocery sectors experienced growth on account of the marriage season, other categories saw minimal expansion.

Many retailers reported negative growth on a like-for-like basis. The northern region of India experienced growth, but the eastern and southern regions faced challenges due to weak consumer demand for discretionary items. Additionally, consumer durables and IT retailers struggled to achieve growth in January. Despite discounts on non-occasion wear garments, many clothing retailers found growth difficult.

Across regions, retail businesses saw varying degrees of growth compared to January 2023, with West India leading at 6%, followed by North and South India at 5% each, and East India at only 3%.

In terms of categories, Quick Service Restaurants (QSR), food and grocery, and jewelry sectors saw the most significant growth at 9% each, followed by sports goods at 8% and beauty products at 6%, compared to January 2023 sales levels.

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