RAI Retail business survey indicates spike in jewellery and footwear sales; could be attributed to weeding season

The 34^th edition of the Retail Business Survey by the Retailers Association of India (RAI) indicates that sales in November 2022 showed growth of 15% as compared to the sales levels during the same period in November 2019 i.e. pre-pandemic. 

Of the regions, the eastern and western parts of India witnessed a growth of 17% in November 2022, while north and south India saw a 13% growth, the data revealed. 

Speaking about the findings,Kumar Rajagopalan, CEO, Retailers Association of India (RAI) said, “October and November witnessed a 17% growth, which is welcome but can’t be termed as spectacular. Inflation-led worries have dampened the ability of some customers to purchase discretionary products. However, with the wedding season ringing in, we have seen an increase in purchases in jewellery, footwear, and garments.”

The jewellery industry, given that it is wedding season, also witnessed a spike in sales. Compared to 2019, the industry saw a 23% rise in November 2022.

The footwear industry witnessed the largest growth when compared to 2019. In November 2022, the footwear industry saw a 29% increase in sales compared to 2019. 

The consumer durables and electronics industry witnessed a 14% rise in 2022 compared to last year. However, it was just a 4% increase compared to the numbers in 2019. The rise in all likelihood is due to the release of leading brands launching the latest versions of their mobile phones and other gadgets during this period.

The sporting industry, too, witnessed a 24% rise in purchases compared to the pre-pandemic period. There are two reasons to assume this: first, the recently concluded FIFA World Cup saw Indians purchase merchandise to support their favourite teams. Secondly, with marathon season approaching (Mumbai Marathon, Delhi Half Marathon), runners – both amateur and professional – would be buying necessary equipment. It could also be the reason why the footwear industry has seen a jump as well.

Courtesy: Retail Jeweller India News