Retail sales jump 28% in March as pandemic-related restrictions are lifted

Business

Retail sales rose 28% in March compared to the same month last year, with the lifting of pandemic-related restrictions driving overall growth in retail businesses across the country, industry association RAI said on Tuesday.

According to the latest Retail Business Survey by the Retailers Association of India (RAI), the west saw regional growth of 37% while the north saw 28% growth. Similarly, the East saw 26% growth, while the South saw a 21% increase in total retail sales in March 2022.

Total retail sales rose 12% last month compared to pre-pandemic levels in March 2019, RAI said in a statement.

In terms of categories, Durable Goods and Electronics saw the highest growth at 45%, followed by Furniture & Homeware and Food & Grocery at 26% each.

The sporting goods, apparel, and apparel categories also saw growth of 26% each, according to the survey.

While the footwear segment grew 24%, the QSR category saw 21% growth over the past month, she added.

“The lifting of pandemic-related restrictions has led to widespread growth in retail businesses across all regions and categories, including categories that have previously seen weak sales such as apparel and footwear,” said Kumar Rajagopalan, CEO of RAI.

“However, when you look at performance, you have to consider the built-in inflation in most products like apparel, electronics and some FMCG products,” he added.

With restrictions lifted, offices have resumed normal work and consumers are stepping out to catch up on social life, RAI said.

“Retailers are hopeful that quantitative growth will be restored and business will return to a steady growth trajectory in fiscal 2022,” it added.

Leave a Reply

Your email address will not be published. Required fields are marked *