India's retail sales see modest 3% growth in May 2024

India's retail sector experienced a modest 3 per cent growth in May 2024 compared to the same month last year, according to a survey conducted by the Retailers Association of India (RAI).

In terms of categories, apparel and clothing saw a slight increase of 1 per cent, while footwear managed a 3 per cent rise compared to May 2023 sales levels.

Regional performance varied, with South India leading the growth at 4 per cent. Both East and West India reported a 3 per cent increase, and North India saw a 2 per cent rise in retail sales.

“Retailers are looking forward to business post-election season. Budget in July will hopefully provide much-needed incentives to bolster consumer confidence and support further growth in the retail sector,” said Kumar Rajagopalan, CEO of RAI.

Fibre2Fashion News Desk (DP)