Diwali is simply not a religious or cultural festival; it also has a huge impact on our economy. We all have our Diwali sales buying list. The holidays fall in the middle of the fiscal year (April to March). The season itself not only hints at the current economic situation, but also influences market sentiment for the rest of the fiscal year. So let’s take a look at the industry’s view of sales during the holiday season.
Festival season retail sales can reach 1.5 lakh crores
CAIT National President Shri BC Bhartia and General Secretary Shri Praveen Khandelwal said that from the first Navratri (September 26) to Dhanteras till now, retail activity of 1.25 lakh crores has been done all over the country. Business worth more than 25,000 crores has been done in Delhi alone. Still, there are still 10 days left in the festival season, so retail sales may surpass the 1.5 lakh crores mark this year.
Record Decade Sales Expected in the Passenger Car Segment
The automotive sector has been a strong pillar of our economy. 49% of the country’s manufacturing GDP comes from the auto sector alone. The record high prices of petrol and diesel this year have not affected car sales much. Major car companies have also launched many new models this year.
Manish Raj Singhania, president of the Federation of Automobile Dealers Associations of India (FADA), said: “Navratri, Dhanteras and Diwali are among the best periods for the company. Given the remarkable holiday season and a robust booking log, we are convinced that this will be PV’s best party year in ten years While we see solid numbers for two-wheelers, the next 2-3 months will determine whether we’re out of the woods or not.
Best year for gold sales in the past 4 years
Traditionally, people buy gold on Dhanteras. This year, jewelers saw an increase in visitor numbers in the stores. The absence of covid restrictions has paved the way for grand weddings.
Gurmeet Arora, secretary general of the Diamond and Jewelry Industry Association, said: “Our business has been growing since last year as I can see a 15 to 20 percent jump in the business and if we compare last year’s gold price we are increased by 2500 per 10 gram last year the gold price was around 49500 and this year around 52000. But we are still behind the year 2018 when we got Bumper business.”