Retail sales in October grew by 34 percent compared to the same month last year thus signaling a positive trend after reeling from the impact of the COVID-19 pandemic for a long period, according to the Retailers Association of India (RAI).
In the 21st edition of the Retail Business Survey, RAI said in October this year there was 14 percent growth when compared to the pre-pandemic levels of October 2019.
''The October survey has revealed encouraging results. To understand the complete impact of the festival season on retail sales, it is essential to see the figures of October and November combined,'' RAI Chief Executive Officer Kumar Rajagopalan said in a statement.
He further said, ''We would await the results for November to draw definitive conclusions. However, all the signs indicate a positive trend.''
Retail businesses across regions have indicated growth in sales as compared to pre-pandemic levels with West India signaling the growth of 23 percent, followed by East India at 13 percent while North and South India indicated a growth of 10 percent each as compared to sales levels in October 2019, RAI said.
Jewelry segment up 24%
In terms of categories, the RAI survey found that the jewelry segment had a significant recovery with a growth of 24 percent as compared to sales levels in October 2019.
Apparel category grows by 6%
The apparel category also grew by 6 percent, while food and groceries, and quick service restaurants (QSR) grew by 31 percent and 29 percent respectively as compared to pre-pandemic levels of October 2019, RAI said.
''As the country achieves inoculation of more than one billion citizens, the retail industry is hopeful of setting a steady pace of recovery during the ongoing festive quarter. The optimism is visible as retail chains have resumed expansions across the country,'' RAI said.
(With PTI inputs)
