Indian retailers see weak festive boost; get 7% sales growth against double-digit expectation

Retail sales in October and November 2023 showed a growth of mere 7% as compared to the sales levels during the same period in 2022 despite the festive season, according to the survey by Retailers Association of India (RAI).

Over the past 6-8 months, most companies have been either slashing price tags or offering steep discounts to clear unsold inventory after price increases across all apparel categories last year.