NEW DELHI: After witnessing two years of lackluster Diwali, festive sales have generated a whooping business to the tune of Rs 1.25 lakh crore, according to Confederation of All India Traders (CAIT).
“After a gap of last two years, this year Diwali festival across the country including Delhi has brought a lot of new zeal and freshness which can be well felt from the fact that since last one week the rush of consumers in the markets across the country is tremendous and it appears that they are making up the gap of their two years of purchases,” CAIT had said in a statement.
According to Praveen Khandelwal, this is record trade figure in last 10 years on the occasion of Diwali, with Delhi alone accounting for Rs 25,000 crore worth sales.
This year, gold jewellery and silverware were purchased for more than Rs 9000 crore. Besides, this Diwali also brought a sizeable business to the tune of Rs 15,000 crore for packaging commodity.
“This time Chinese goods were not sold at all in the markets across the country and the special emphasis of the customers was on the purchase of Indian goods, due to which China suffered a direct loss of business worth more than Rs 50,000 crores,” CAIT National President, BC Bhartia said.
CAIT, which represents about 7 crore traders, said it has also awakened the spark of better business prospects.
“Such a massive shopping has ended the economic slowdown in business which was continued in the markets for the last two years. It has also awakened the spark of better business prospects among the business community,” Khandelwal said.
CAIT added that by the end of this year, there will be an infusion of about Rs 3 lakh crore by way of spending by consumers.
Even the online retailers claimed they are doing brisk business this year. According to Amazon, during its month-long festive event, it added 79% of new customers coming from tier 2 and 3 towns.