As the wedding season rang in, Indian retail businesses witnessed an increase of 15 per cent in sales this November over the pre-pandemic sales level in the same month of 2019. However, pan-India retail sales increased by only 6 per cent as compared to the last year, according to the latest survey.
As per the 34th edition of the Retail Business Survey by the Retailers Association of India (RAI), Retail sales in the eastern and western parts of India grew by 17 per cent in November 2022, while the north and south India saw a 13 per cent growth.
According to the CEO of RAI Kumar Rajagopalan, the increase in October and November was 17 per cent. Concerns about inflation have made some customers less likely to buy discretionary items. But as the wedding season approaches, we have noticed an uptick in purchases of jewellery, shoes, and clothing,” he continued.
The wedding season pushed Indian footwear and jewellery sales. The footwear industry witnessed the largest growth. Compared to 2019, the footwear industry saw a 29 per cent increase in sales. The jewellery industry’s sales also rose to 23 per cent in November as compared to sales in November 2019.
RAI said the sales of consumer durables and electronics industry rose 14 per cent in 2022 compared to 2021. However, it was just a mere 4 per cent growth compared to the figures in 2019. The rise in sales, is attributed to the launching of latest versions of mobile phones and gadgets by top companies during the period.
Compared to the pre-pandemic level, in 2022, the sporting industry also witnessed a 24 per cent growth in purchases. According to RAI, the recently concluded FIFA World Cup saw Indians purchase merchandise to support their favourite teams. Furthermore, the marathon season will boost footwear sales as runners will be buying necessary equipment.
