The festive season has brought a surge in trade across retail markets in India, setting a record of Rs. 3.75 lakh crore, according to the Confederation of All India Traders. (CAIT). As per CAIT’s data, India’s retail markets had recorded sales of Rs. 2.75 lakh crore during last year’s Diwali season.
This surge in spending encompasses the ongoing celebrations with festivals like Goverdhan Pooja, Bhaiya Dooj, Chhath Pooja, and Tulsi Vivah yet to be observed, potentially adding an additional trade value of Rs. 50,000 crore.
According to CAIT’s findings, textiles and garments secured the second position in Diwali season spending, accounting for a 12 per cent share.
CAIT Secretary General Praveen Khandelwal highlighted that almost exclusively Indian products were sold and purchased during the festive season.
Khandelwal stated, “Chinese goods lost a trade of worth more than Rs. 1 lakh crore during the Diwali festive season. In previous years, Chinese products were occupying nearly 70 per cent of the market during Diwali festivals. However, this year, the appeal of Prime Minister Narendra Modi to make this Diwali vocal for local has gone down well and widely accepted and implemented by both traders. and consumers.”
