36% urban India wishes to spend more on Diwali festival sale this year
This year’s Diwali festival is all set to bring more business to the trading community of the country as nearly 36 per cent of people living in urban cities have expressed their desire to spend more in upcoming Diwali festival season, as per a report of Yougov, said the Confederation of All India Traders (CAIT).
In the wake of the report, the CAIT is advising traders all over the country to keep their stocks filled with the products they are dealing in. This expected growth in business among cities will not be restricted to cities alone but traders conducting business activities in small towns and rural areas will also expect to witness growth in their business as traders of these areas generally purchase goods from nearby big cities. It will be a growth both in the B2B and B2C sector.
CAIT National President BC Bhartia and Secretary General Praveen Khandelwal while referring to the report of Yougov said that the report of Yougov is based on Diwali spending index which shows that this year the spending intent stands for 94-45 in comparison to 90.71 in 2021 and 80.96 in 2020 which is also a parameter for recovery of the economy. In the last two years due to covid pandemic, the pomp and show in the markets was very slow and the consumers were fraught with financial crisis. However, this year it looks that consumers are more eager to celebrate the Diwali festival in a big manner which will certainly bring more business to the traders.
Both Bhartia and Khandelwal said that the spending index was calculated on 10 spending factors which include increase in income and intent to spend, however, 29 per cent in 2020 and 17 per cent in 2021 urban people were on spending excitement in comparison to 36 per cent of urban people this year. The prominent sector where spending is anticipated include home appliances, travel, health and fitness, home decor and gold. CAIT expects that beside these sectors consumer electronics, mobiles, readymade garments, gift articles, FMCG sector, consumer durables, electrical fixtures and fittings etc will be another business verticals where the trade can see more business.
Festival season kick-starts from August 31 with Ganesh Chaturthi which is prominently celebrated across states of Maharashtra, Gujarat, Madhya Pradesh, Tamil Nadu, Karnataka, Andhra Pradesh, Goa etc, followed by Navratri, Ramlila and Durga Puja, ending with Diwali on October 24.