Sparkling Diwali for the market as sales breaks 10-year record

India has witnessed a record-breaking sale this Diwali. Confederation of All India Traders (CAIT) has estimated that festive purchases this festive season were in tune of Rs 1.25 trillion which is the highest in the last ten years. CAIT, which represents 70 million traders across India, has issued a statement on November 5 saying that Diwali 2021 sales have ended the economic slowdown in the consumer market which had persisted for the last two years of amidst pandemic situation.

CAIT national president BC Bhartia said, “There was an estimated business of Rs 1.25 lakh crore in the entire country this festive season. This is a record figure ever attained in the last decade. In Delhi alone, the business was in the tune of Rs 25000 crore.”

The sale has helped the retailers in the market and shown signs of resilient demand even as the inflation remains high.

Moreover, CAIT estimates that the sale of Chinese products in India during the festive season suffered a loss in the tune of Rs 50000 crore this Diwali as the people preferred to buy Indian-made products.

Gold and Silver worth Rs 9000 crore had been sold this Diwali while packaging commodities worth Rs 15000 crore were sold during the festive season. Earthen lamps, candles, and papers mache lamps were high in demand which helped small potters, craftsmen rake in substantial sales. Sweets, dry fruits, footwear, watches, toys, home décor, and fashion clothing also saw huge take off from the shelves.

The first week of online festival sales in October saw 23 percent year-on-year sales growth in 2021. A consulting firm RedSeer estimated that goods worth $4.6 billion were sold online by e-commerce companies. It is being estimated that the overall online shopper base in India grew by 20 percent in 2021 as the tier 2 cities contributed more than 60 percent of the total online sales.

Diwali sales in 2020 were pegged at around Rs 72000 crore by CAIT while it was Rs 60000 crore in 2019.

Image courtesy of Courtesy - NCR News

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