NewDelhi: Indian business got a new lease of hope with consumers splurging on the festival of Diwali in 2024 and, therefore, the spending rate was high. The markets were flooded with shoppers and businesses touched a record ₹4.25 lakh crore in sales across the country, as per the data available with Confederation of All India Traders. In sync with the ‘Vocal for Local’ initiative steered by the Prime Minister Modi, the buyers’ preference went for domestic products; the artists, painters, weavers and other artisans, pot makers and carvers, among many others, received buoyant business during the festival.
The tag of ‘Make in India’ this year went to the hearts of the consumers and as such there has been a record shopping spree throughout the various categories. Clothes and sweets were other things bought during Diwali along with fire crackers, idols of Lakshmi and Ganesh, furniture and clay lamps. The festive shopping lists also included accessories for crafts, ornaments, jewellery, cosmetics, gifts, kitchen utensils, and electronics.
Speaking to CAIT, its general secretary Praveen Khandelwal said that the Diwali sales of this year outdid all previous records saying that people were inclined more towards Indian products. There were good sales within the market sectors whereby food and grocery was at 13%, jewellery at 9%, clothes 12%, dry fruits and sweets at 4% while electronics and mobile phones sold at 8%. Other chief categories included grooming and fragrances (6%); furniture and accessories (3%); kitchenware and dinerware (3%); and miscellaneous gift items (8%).
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The other sector that experienced an increased demand was the packaging industry which benefited from the retail sectors because people were shopping in preparation for the festive season. The CAIT President BC Bhartia pointed out that Indian products dominated the market, and buyers avoided Chinese products intentionally buying Indian products. As Diwali, traders eye the upcoming wedding season that starts with Dev Uthani Ekadashi on November 12. Forcing is expected to increase and a lot of companies are looking forward to extending the optimistic trend as Shabbat shopping for the wedding season approaches.
The response to the ‘Vocal for Local’ campaign has not only empowered the nation’s economy but has also paved the way for subsequent magnanimous festive seasons that indicate a global consumer interest to buy Made in India products.
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