The latest survey findings come at a time when the retail sector is closely watching upcoming  policy changes and gearing up for the festive season, which historically drives the largest  share of annual sales. Retailers are balancing optimism around steady consumer sentiment  with a degree of caution, given evolving tax structures, global uncertainties, and changing  consumption patterns. 

Quick Service Restaurants (QSRs) led the growth charts with double-digit expansion  in July, underlining India’s rising preference for eating out and on-the-go dining. Apparel, jewellery, sporting goods and furniture each grew by 9% year-on-year, pointing to  resilient discretionary spending. In comparison, footwear and beauty & wellness clocked 5%  growth, while Consumer Durables & IT saw 6%. 

“Retail sales in July 2025 grew 8% year-on-year. For the past three months, growth has held  steady at 7–8%, which is higher than what we were seeing at the start of the year. This suggests  that consumers are spending a little more on discretionary products, and retailers will be  watching closely to see if this continues through the festive season. Global uncertainties remain  a factor, and GST reforms are still under discussion, so their impact is yet to be seen. The  industry is moving ahead with cautious optimism.” said Kumar Rajagopalan, CEO, RAI. 

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