NEW DELHI: Auto sales witnessed a big surge during the 9-day Navratri period. According to data released by the Federation of Automobile Dealers Associations (FADA), passenger vehicle (PV) sales grew by 70 per cent to 1,10,521 units during Navratri 2022 as against 64,850 units sold during Navratri 2021.
Total vehicle retail sales between September 26 and October 5 (Navratri period) stood at 5,39,227 units, up 57 per cent, when compared with 3,42,459 units sold during Navratri last year. The sales registered this year were also a record, bettering the previous best of 4,66,128 units in Navratri of 2019.
Two-wheeler retail sales, which have been a major laggard for the industry, stood at 3,69,020 units this Navratri, up 52 per cent YoY. It also grew by 4 per cent when compared with pre-Covid Navratri of 2019.
“We now hope that this trend continues till Deepavali so that apart from PV dealers, who will see a decade high during this festive, the two-wheeler dealers also have a good season and hence helps them liquidate their stock, which they have built in anticipation of a good festive,”
FADA President Manish Raj Singhania said. The housing market, which is hit by multiple interest rate hikes, had a positive beginning to this festive season. “Post the Shraadh period in mid-September, sales in the festive season beginning Navratri have picked up and are expected to continue for Diwali.
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This growth is remarkable considering the headwinds of home loan interest rate hikes, which has brought down home purchase affordability by 8 per cent in this rate cycle,” Vivek Rathi, Director-Research, Knight Frank India told TNIE.
He added, “The strong demand drivers for home ownership and festive offers by developers to lift consumer sentiment and comfort concern on rate hike also helped the market.”