Praveen Khandelwal, national general secretary of the Confederation of All India Traders, says, “This year’s Diwali season saw a record business of over Rs 3.75 lakh crore in markets across the country. Consumers bought well in this season.”
Effect of increased competition on profits
Girish Agarwal has been running a sweets business in Delhi’s Bengali market for the past few decades. Their ‘Bengali Sweets’ have done good business in the Diwali season. This year the sale of sweets has increased significantly. However, increasing competition in the market has affected the profits.
Good sales for the first time after Corona crisis
Girish Agarwal told NDTV, “This time Diwali sales have been good. For the first time after the Corona crisis, sales have been good.” Have pre-core sales levels been achieved? Answering this question, Girish Agarwal says, “Yes definitely, achieved. This Diwali sales were better than pre-Corona levels.”
Business of 50 thousand crore rupees is likely to happen in the coming days.
At the same time, Praveen Khandelwal says, “Govardhan Puja, Bhaiya Dooj, Chhath Puja and Tulsi Vivah are still to come. This has the potential to generate business of around Rs 50 thousand crore.”
Good sales in housing sector too
Ranjit Mehta, executive director, PHDCCI, says, “Record sales have been seen during Diwali. Sales have been good not only in the consumer market, but also in the jewelery sector, car sales and the housing sector. People’s purchasing power has increased.”
Food and grocery accounts for 13% of the total retail trade.
Food and grocery accounted for the largest share of around 13% of the Rs 3.75 lakh crore business during the festive season. Textile market share was 12%. 9% was from jewelery and about 20% was from automobiles, hardware, electrical, toys and other goods and services.
Naturally, traders hope that business will pick up further by the end of this festive season. Business sentiment in the market will also improve.