NEW DELHI: Owing to robust buying across different segments, retail sales during the Diwali festive season is likely to have hit a new high in 2023. Early estimates by trade associations have predicted the numbers as high as Rs 3.75 lakh crore.
The Confederation of All India Traders (CAITait) on Monday said the retail markets of the country registered a record trade of Rs 3.75 lakh crore. Still festivals of Goverdhan Pooja, Bhaiya Dooj, Chhath Pooja and Tulsi Vivah are yet to be solemnised which may attract another trade of Rs 50 thousand crores, the association noted.
CAIT National President B C Bhartia and Secretary General Praveen Khandelwal in a joint statement said the festival trade of Rs 3.75 lakh crore comprised spending of about 13% in food and grocery, 9% in jewellery, 12% in textiles and garments, 4% in dry fruits, sweets and Namkeen, 3% Home Decor, 6% Cosmetics, 8% Electronics & Mobiles, 3% Pooja Samagri & Puja Items, 3% Utensils & Kitchen Appliances, 2% Confectionery & Bakery, 8% Gift Items, 4% Furnishing & Furniture. Remaining 20% was spent by customers on automobiles, hardware, electrical, toys and many other goods and services. They said that the packing sector also got big business on Diwali.
The two added that Chinese goods lost a trade of worth more than 1 lakh crore as most goods sold this year were made in India. In previous years, Chinese products were occupying nearly 70% market of Diwali festivals, according to CAITait.
President of India SME Forum Vinod Kumar said that initial reports they are getting from the market is phenomenal. “This is likely to be our best ever Dhanteras Diwali season ever with total retail sales likely to have surpassed the `1 lakh crore mark,” said Kumar.
He noted that every segment- from jewellery to clothes- witnessed robust buying this year. “This is the first year after the covid-19 pandemic when markets are fully operational. The retailers too had stacked up inventory,” said Kumar.
K Giri DG Empower India said that the festive sales seems to have provided an impetus to Indian economy. “By our estimates MSMEs are vying for 90000 crore pie. The network of established players like Amazon and Flipkart has played a big role for small sellers,” added Giri.