This Diwali season, Indians went Vocal for Local. The Confederation of All India Traders reported that people throughout the country spent Rs 1.25 trillion on Diwali, breaking a 10-year record (CAIT).
Retailers throughout India have experienced decade-high sales, indicating that demand is robust even as inflation remains high.
“The business in Delhi alone was over Rs 25,000 crore,” said CAIT, which represents India’s 70 million dealers. The remarkable sales reaction, according to the Association, provided a much-needed breather for shops that have been experiencing a downturn for the past two years owing to COVID19.
Consumers favored Indian items this Diwali, according to CAIT, resulting in a direct loss of over Rs 50,000 crore in sales for Chinese exporters.
Several traditional Diwali goods, such as clay lamps, candles, and paper mache lamps, were in high demand this season. Small potters, craftspeople, and handicraftsmen made significant profits from the selling of such products.
Sweets, dry fruits, footwear, watches, toys, home décor, and fashion clothing were also in high demand. “Consumers spent over Rs 9,000 crore on gold jewellry and silverware, and over Rs 15,000 crore on packaging materials,” according to CAIT.
CAIT’s research is based on a survey of 20 cities, including New Delhi, Ahmedabad, Mumbai, Nagpur, Jaipur, Lucknow, Chandigarh, Bhopal, Jammu, and others.