India, December 30, 2024: Retailers Association of India (RAI) has released the 56th Retail Business Survey, reporting a 7% growth in the retail sector from 7 October 2024 to 1 December 2024 compared to the same festive period last year (2 October 2023 to 26 November 2023). The survey highlights key trends shaping various retail segments across different regions of the country.
“RAI’s survey indicates a moderate growth of 7% during the October-November festive season, falling short of the anticipated 10%. Consumption growth has been subdued throughout the year, prompting retailers to boost business through promotional offers and encouraging festive purchases. We are hopeful for stronger growth in 2025, as rising operational costs require a sustained growth trajectory to maintain profitability. Inflation, intensified competition, and limited spending, particularly by the lower middle-class population, remain significant challenges,” said Kumar Rajagopalan, CEO, Retailers Association of India (RAI).
The survey further reveals that West India experienced the highest sales growth at 8%, while North, South, and East India each recorded a 7% increase.
In terms of categories, food and grocery registered the highest growth of 14%, followed by 10% in QSR and 9% in jewellery compared to the same festive time period last year.
About RAI:
Retailers Association of India (RAI) is the unified voice of Indian retailers. RAI works with all the stakeholders for creating the right environment for the growth of the modern retail industry in India. It is a strong advocate for retailing in India and works with all levels of government and stakeholders with the aim to support employment growth and career opportunities in retail, to promote and sustain retail investments in communities from coast-to-coast, and to enhance consumer choice and industry competitiveness.
