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Diwali Sale Crosses Rs 1.25 Lakh Crore In India, Breaks 10 Year Record
Writer: Tashafi Nazir
For most people, journalism sounds hectic and chaotic. For her, it's a passion she has been chasing for years. With an extensive media background, Tashafi believes in putting efforts on presenting a simple incident in the most interesting way.
India, 6 Nov 2021 11:50 AM GMT
Editor : Palak Agrawal |
Palak a journalism graduate believes in simplifying the complicated and writing about the extraordinary lives of ordinary people. She calls herself a " hodophile" or in layman words- a person who loves to travel.
Creatives : Tashafi Nazir
For most people, journalism sounds hectic and chaotic. For her, it's a passion she has been chasing for years. With an extensive media background, Tashafi believes in putting efforts on presenting a simple incident in the most interesting way.
As per reports, consumers preferred Indian goods this time, leading to a direct loss of over Rs 50,000 crore of business to Chinese exporters.
The festive season of Diwali this year generated a business to the tune of Rs 1.25 lakh crore, helping traders generate record-high sales when compared with the last ten years during the festival.
According to the Confederation of All India Traders (CAIT), shoppers thronged the market places that boosted the businesses and sparked the expectation of better business prospects in the near future, Hindustan Times reported.
Much Needed Relief To Traders
The vast sales have come as much-needed relief to businesses facing a slowdown in the last two years due to the COVID-19 induced lockdown.
CAIT National President B C Bhartia and Secretary General Praveen Khandelwal said consumers preferred Indian goods this time, leading to a direct loss of over Rs 50,000 crore of business to Chinese exporters, Business Standard reported.
Items such as earthen lamps, paper mache lamps, candles were in demand and helped local artisans, potters and handicraftsmen earn substantial profits. Sweets, dry fruits, watches, footwear, toys, home décor, and fashion clothing also witnessed huge demand.
Consumers spent over Rs 9,000 crore on gold jewellery and silverware, while traders selling packaging items saw sales of Rs 15,000 crore.
Earlier, the CIAT had expected a business of about Rs 1 lakh crore in all streams during the Diwali season. The trade body had estimated an infusion of nearly Rs 3 lakh crore by the end of 2022 the way customers were purchasing. They felt a "new zeal and freshness" among people as if they were compensating the loss of almost two years.
"After a gap of two years, this year Diwali festival across India including the national capital has brought a lot of new zeal and freshness...Since last week, the rush of consumers is tremendous and it appears that they are making up the gap of these two years of purchases," CAIT's statement read.
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