Nearly 26,000 workers in the quick-service restaurant, lifestyle, and grocery retail sectors were laid off during the 2023–24 fiscal year, a sharp contrast to the hiring surge seen in the previous two years. The hiring slowdown was driven by a decline in demand in these industries. Companies such as Titan, Raymond, Page, Reliance Retail, and Spencers reduced their permanent and contract workforce by 17%, amounting to 52,000 people. Despite these cuts, the retail sector remains India's second-largest employer after agriculture. The total workforce in retail dropped from 455,000 to 429,000 in 2023–24, mainly due to reduced consumer spending on non-essential items, which impacted demand. The sectors hardest hit by this decline in spending were restaurants, electronics, lifestyle goods, and clothing, with the downturn beginning after Diwali 2022.
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