India Retail Sales Grow 10% in December; Jewellery Hits 12%

Retail sales in India maintained strong momentum in December 2025, growing 10% year-on-year, according to the 67th edition of the Retail Business Survey by the Retailers Association of India (RAI). This follows an 11% increase recorded during the festive season, indicating stable demand at year-end.

Regional performance was broadly balanced. The West led with 14% growth, followed by the South at 11% and the North at 10%. The East, while slower, still posted a positive 7% growth, reflecting steady consumption across all major markets.

Category-wise, segments driven by everyday consumption and discretionary spending saw varied growth patterns. Quick Service Restaurants (QSRs) led the chart with 16% growth, underscoring the continued preference for convenience and out-of-home dining. Furniture also performed strongly, supported by ongoing home upgrades and replacement purchases.

Jewellery recorded a notable 12% increase in December despite a nearly 30% rise in gold prices over the past two months, highlighting wedding-driven demand. Meanwhile, segments like apparel, beauty & wellness, and consumer durables & IT saw single-digit growth. Consumer durables and IT grew 3%, reflecting cautious discretionary spending, while apparel remained in single digits due to value-conscious buying and pricing sensitivity influenced by GST rates.

Commenting on the trends, Kumar Rajagopalan, CEO of RAI, noted, “December shows that core consumption remains stable, but category performance is increasingly varied. While everyday and experience-led segments are strong, discretionary categories are growing cautiously. Execution and value delivery will be critical as we move into 2026.”

RAI’s surveys over the non-festive months of 2025 indicated moderate growth that strengthened in the latter half of the year, culminating in a double-digit festive season and sustained year-end demand. The data points to a retail environment that is steady but increasingly selective and value-driven as the sector enters 2026.