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

India bucks trend with steel production surge amid global decline

May 23, 2024

In April, India emerged as the only country among the …

Read More

India to launch custom AI model with INR 2,000 cr. investment

May 22, 2024

The Union government plans to develop its foundational artificial intelligence …

Read More

India to boost wind energy capacity by 25 GW by 2028

May 22, 2024

India is set to substantially increase its wind energy capacity, …

Read More