Retail Industry Witnesses 19 pc Rise in Sales during April to November 2022
Retail Industry Witnesses 19 pc Rise in Sales during April to November 2022

India's retail industry saw a 19 percent rise in sales over pre-pandemic levels during the April-November 2022 period riding on the back of strong performance of segments such as quick service restaurants and footwear.

According to the Retailers Association of India (RAI) region-wise, the eastern part clocked the highest growth at 21 percent as compared to the same period in 2019, RAI said in a statement. North India followed with a 19 percent growth while both western and southern parts witnessed an 18 percent rise each. 

"The industries that did particularly well during this period were the QSR (quick service restaurant) and the footwear industries, with a 30 percent growth compared to 2019," RAI said. However, the beauty, wellness, and personal care industry only saw a 7 percent growth as against the same period in 2019, it added. 

"Consumers are back to shopping in stores, and it's something they enjoy even as they continue to buy online," said Kumar Rajagopalan, CEO, RAI. 

RAI Chairman Bijou Kurien added that in the last two years it witnessed dramatic changes in the Indian retail industry and the adoption of technology by offline retailers saw a quantum jump. 

On the outlook for 2023, he said, "Retail in India is expected to grow better than all other key markets across the world. Omnichannel retail has become the norm for retailers."

He further said 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 added. 
 

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