India Shows Huge Sales Diwali Season Crossing 1.25 trillion First Time In A Decade
India – After the Covid-19 lull, India has shopped like never before. The stress and tension spilled out on spending as the Diwali profits hit the roofs, crossing Rs. 1.25 trillion breaking records of a decade, according to the Confederation of All India Traders (CAIT).
Demands for goods have been high, despite the soaring inflations. Local shops on Amazon clocked a 2x spike and sold over 10 products every minute. CAIT that comprises 70 million traders is an ecstatic lot that celebrated the gains after a lull of two years and have reasons to look forward to a healthy wedding season in November.
“During Diwali this year, there is an estimated business of about Rs 1.25 lakh crore (trillion) in the entire country, which is a record figure in the last decade,” said CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal. “In Delhi alone, this business was about Rs 25,000 crore.”
Chinese stuff did not have too many takes. The patriotic and self-sustained feeling ruled the roost as many opted for Indian makes than Chinese goods. This has resulted in losses of Rs. 50,000 crores.
The fast selling products included earthen lamps, candles and papier mache lamps, which helped small potters, craftsmen, and handicraftsmen rake in substantial profits. Sweets, dry fruits, footwear, watches, toys, home décor, and fashion clothing also saw huge demand.
Consumers spent over Rs 9,000 crore on gold jewellery and silverware, they said, while traders selling packaging items saw sales of Rs 15,000 crore. Before this, online players had also seen encouraging sales. The first week of online festival sales in October, where various e-commerce firms participated, saw 23 per cent year-on-year sales growth in 2021. This means goods worth $4.6 billion (Rs 32,000 crore) were sold online, according to a recent report released by homegrown firm RedSeer Consulting.