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India’s retail industry witnessed a 19 per cent sales growth in the period between April and November 2022 when compared to same pre-pandemic period in 2019, a report by the Retailers Association of India (RAI) has revealed.
The eastern part of the country saw a 21 per cent growth compared to 2019, while the north saw a 19 per cent growth. Both western and southern parts of India witnessed an 18 per cent growth during the period, when compared to 2019, the report added.
The industries that did particularly well during this period were the QSR and the Footwear industries, with a 30 per cent growth compared to 2019, while the beauty, wellness and personal care industry only saw a 7 per cent growth compared to the numbers that came out in 2019.
While talking about what to expect in the next year, Kumar Rajagopalan added, “Retail in India is expected to grow better than all other key markets across the world. Omnichannel retail has become the norm for retailers. Concepts like ONDC (Open Network for Digital Commerce) will enable millions of small retailers to participate in digital commerce. However, the coronavirus worry still looms large in other countries and inflation creates headwinds for retail. Having said that, the occasion-wear market (festivals, weddings, etc.) will thrive in the country if no COVID-19 restrictions are introduced,” he said.
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