The year 2022 witnessed unprecedented festival shopping, breaking all the previous records, says a report. The country’s offline trade is expected to generate approximately Rs 1.75 lakh crore in revenue during the Diwali holiday this year, an increase of more than 40% from the previous year. The figure for the previous year was Rs 1.25 lakh crore.
It is interesting to note that customers this year chose to go for products manufactured in India, following Prime Minister Narendra Modi’s appeal for a self-reliant India. Chinese goods were almost absent from the market and Indian traders cost China losses close to Rs 75,000 crore. These figures released by the Confederation of All Indian Traders or CAIT are based on a survey conducted by CAIT’s research wing CAIT Research and Trade Development Society in 30 cities of the country and was conducted in different phases between September 26 to October 26.
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In a joint address in New Delhi, CAIT’s National President BC Bhartia and National General Secretary Praveen Khandelwal said that this was caused by the country’s traders conducting business on such a massive scale during Diwali and the manner customers flocked to the markets. The huge business also debunked the idea that a cheaper product generates more sales. Instead, consumers are paying greater attention to the quality of the products.
CAIT carried out a survey in Delhi, Mumbai, Pune, Nagpur, Surat, Ahmedabad, Bhopal, Indore, Calcutta, Hyderabad, Chennai, Pondicherry, Bangalore, Raipur, Ranchi, Bhubaneswar, Jaipur, Lucknow, Kanpur, Jhansi, Varanasi, Tinsukia, Jammu, Jamshedpur, Thiruvananthapuram, Patna, Chandigarh, Amritsar, Ludhiana and Gurgaon.
The survey also revealed that this Diwali season, traders from Tier 2 and Tier 3 cities, urbanised rural areas bought a lot from their nearby cities, while wholesalers from metros and big cities also did a large amount of inter-state sales. Local customers also shopped openly in retail markets across the country and more or less inflation did not have any significant effect on the purchases.
Bhartia and Khandelwal said that products that good business this Diwali were mainly FMCG items, consumer durables, grocery, food grains, mobiles, electronics, electrical fittings and other electric items, furniture, computers and Computer Related Goods, Office & Home Furnishings, Furnishing Fabrics, Jewellery, Gold & Silver Goods, Automobiles, Sweets & Namkeen, Bakery Products, Confectionery, Diwali Puja Goods, Electrical Appliances, Paper & Stationery, Builder hardware, wood and plywood. Apart from that, businesses like cab services and food outlets also performed phenomenally well.
Traders are now preparing for the wedding season, which is expected to be bigger this year as the Corona scare has more or less gone.
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