Retail sales in jewellery witnesses average growth of 9% in May, 2023

Overall retail sales in May 2023 increased moderately by 7% over the same period in May 2022, according to the Retail Business Survey by RAI

Retail businesses across regions have indicated growth in sales as compared to May 2022, as per the 40^th edition of the Retail Business Survey conducted by the Retailers Association of India (RAI). At a pan-India level, retail sales in May 2023 showed a moderate growth of 7% as compared to the sales levels during the same period in May 2022.

Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “Retailers witnessed a modest growth of 7% in the month of May 2023. Jewellery and apparel showed moderate growth at 9% while sportswear has shown a 2% growth, which is the lowest growth since the pandemic.”

“As consumers are now getting into their normal business routines, we are witnessing moderate growth, as compared to the previous year. However, we are also aware that the months of April and May in 2022 had witnessed an extraordinary growth of 23% and 24% respectively, as compared to the pre-pandemic period (April 2019 and May 2019),” he added.

Rajagopalan further said, “We will have to wait and watch how the next three months pan out to draw a proper conclusion.”

Regionally, East India is signalling a growth of 8%, while South India and West India indicate a growth of 7% and 6% respectively, followed by North India at 5%, as per the survey.

In categories, jewellery and apparel reported a growth of 9% followed by Food & Grocery at 8% and Quick Service Restaurants (QSR) at 7% as compared to sales levels in May 2022.

Courtesy: KNN India

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