Although some retail companies did not report their FY23 performance, the CAGR (2009-2023) of 23 per cent for Indian retail market remained same as last year; with y-o-y growth of 29 per cent also remaining healthy.
Indian retail market continues to expand very fast despite challenging market dynamics. The main drivers of this growth are revival and normalisation of the consumption market, inflationary tendencies, widened base of products and services, rise of omnichannel, D2C brands & phygital retail, and a steep surge in online shopping. The consumer habits have also undergone a sea change, triggered by availability of multple shopping avenues and digital payment options. .
