Retail sales up by 15% in Oct’22

Festival sales and the removal of pandemic-related restrictions have led to an overall increase in retail businesses across different categories in the country

November 15, 2022

Compared to October 2019, retail sales in October 2022 saw a 19% increase

Retail sales in West India increased by 25% followed by South India and East India which have equally registered a growth of 18%, and North India by 14%

Consumer durables and electronics rose by 38% followed by Quick Service Restaurants at 33% growth

Bank credit to retail and wholesale trade in September FY23 had recorded a 21% growth to INR 7.45 trillion

Retail sales in India registered a 15% growth in October 2022 compared to the same month last year, and a 19% increase compared to October 2019, according to data from a survey by the Retailers Association of India (RAI). Additionally, retail sales in September 2022 rose by 21% compared to the same month in 2019. 

Experts said that festival sales and the removal of pandemic-related restrictions have led to an overall increase in retail businesses across different categories in the country. 

Compared to their growth figures in 2019, retail sales in West India increased by 25% followed by South India and East India which have equally registered a growth of 18%, and North India by 14%. 

Regarding categories, consumer durables and electronics rose by 38% followed by Quick Service Restaurants at 33% growth, sports goods by 30% growth, and food & groceries by 23%, in October this year as compared to sales in October 2019.

Furthermore, the data said that bank credit to retail and wholesale trade in September FY23 had recorded a 21% growth to INR 7.45 trillion compared to INR 6.96 trillion during the same month last year. 

Implications

With increasing employment, growth in salaries and changing lifestyles people are set to buy more goods across different categories. This will cause a further rise in retail sales from various sectors and boost the economy overall. 


Source: Financial Express

Recent Articles

PLI-linked Capex to reach INR 1 trn by FY24

November 24, 2022

India’s PLI schemes are expected to make various industries increase …

Read More

Govt. to assist selected telecom companies under PLI scheme

November 24, 2022

To increase local manufacturing, the Indian government aims to provide …

Read More

India ranked 8th in Climate Change Performance Index

November 23, 2022

India rose to the eighth rank on the Climate Change …

Read More