The Confederation of All Traders of India (CAIT), a leading group of traders, has estimated that in this festive season of Diwali, traders are expected to sell goods worth Rs. 2.5 billion of dollars. The holiday season sales start from Onamcovering Durga Puja, Dussehra and ends with diwali.
Like other product segments, apparel and home textile products from offline and e-commerce channels saw volume growth of nearly 8-10% during the holiday season. last year.
Early trends across all channels (offline and e-commerce) point to robust sales.
In a statement, CAIT said sales broke previous year’s records despite inflationary concerns.
CAIT also said a recent 4% rise in the dearness allowance (DA) benefiting 4.18 million central government employees and 6.97 million pensioners would act as a catalyst. Similarly, the Productivity Related Bonus (PLB) equivalent to 78 days wages for undeclared railway employees will also help consumers with their expenses. Such measures have improved consumer sentiment.
Praveen Khandelwal, Secretary General of CAIT, said: “It will definitely trigger the market and the economy. These two government decisions will inject thousands of crores of rupees into the economy.
Kumar Rajagopalan, CEO of Retailers’ Association of India (RAI) also said, “This festive season should be a throwback to the season of celebration. There is a sense of gratitude and well-being and also a sense of fulfillment of aspirations and luxury cravings,”
In its latest September 2022 survey, RAI said retail businesses across India had seen a 21% growth in sales from pre-pandemic levels in September 2019.