Diwali trade in Delhi likely to reach Rs 80,000 crore; indigenous products gain popularity

New Delhi: The festive buying during Diwali has created avenue for traders to foster their businesses. As a result, the nationwide turnover during the festive season is expected to reach around Rs 5 lakh crore. The Chamber of Trade and Industry (CTI) said on Saturday that Delhi alone is expected to record trade worth approximately Rs 80,000 crore.

As per CTI Chairman Brijesh Goyal, the Diwali season has brought significant opportunities for business to the traders across the country. The consumers have shown an inclination towards the indigenous products creating substantial demand.

The traders who faced losses during the protest and rallies in the past months would now be able to get the recovery during the bumper Diwali shopping season, he said. In addition to the earnings generated by Diwali shopping, other services also contributed to the turnover of Rs 5 lakh. Goyal also cited a recently released report by the apex automobile industry body which indicates significant growth in automobiles sales. Compared to the previous years, the industry registered a 55 per cent growth in sales across the country.

Additionally, Two-wheelers, three-wheelers, commercial vehicles, passenger vehicles and tractors recorded growth of 52 per cent, 110 per cent, 48 per cent, 70 per cent and 58 per cent, respectively.

Gifts

He said the figures indicated strong consumer demand and reflected the positive business outlook during the festive season.

The festive season is proven to be profitable for the sellers who are driving their incomes particularly through the gifting items exchanged as part of the festive celebration. Nearly five crore gifts ranging from affordable items to premium products played a role in the festive sales.

CTI said it arrived at its estimated business projections after consultations with representatives of hotel and banquet associations, restaurant and mall associations, cinema associations, shopping centre associations, automobile dealer associations, makeup and salon associations, tour and travel associations, market associations and industry bodies.

Indigenous products

This Diwali has witnessed a rising trend of locally-made products being sold and bought as per the statement by CTI. Consumer's preference has shown a strong inclination towards the indigenous items. The GST reforms, according to the statement, has contributed to the demand of the Indian-made goods.

Home decor products, Diwali puja items, earthen lamps, idols of deities, wall hangings, handicrafts and traditional auspicious symbols such as Shubh-Labh and Om are among the products witnessing demand. Items associated with the worship of Goddess Lakshmi and Lord Ganesha, along with decorative products made by local artisans, craftsmen and skilled workers, are also expected to contribute significantly to festive sales.

Apart from these, several sectors, including FMCG, consumer durables, toys, electronics, electrical appliances, kitchenware, gift items, confectionery, snacks, home furnishings, textiles, readymade garments, fashion apparel, footwear, watches, furniture, cosmetics, beauty products, mobile phones and accessories, are expected to witness substantial business.

Moreover festive demand was also supported by utensils, builders' hardware, wood and plywood, paint and glass, milk and dairy products, grocery, food grains, edible oil, pulses, bicycles and accessories, wall clocks, gota-zari, sarees and dress materials.

Oct 1-Nov 1

The trader's body states that businesses suffered during a period of one month due to protests and rallies. Disruptions in the markets from October 1 to November 1 resulted in a loss of around  Rs 14,000 crore for traders in the national capital. The businesses have now bounced back especially due to the festive season as large crowds can be seen shopping across the city.

Markets such as Chandni Chowk, Dariba Kalan, Maliwara, Sadar Bazaar, Kamla Nagar, Ashok Vihar, Model Town, Shalimar Bagh, Wazirpur, Pitampura, Rajouri Garden, South Extension, Greater Kailash, Green Park, Yusuf Sarai, Lajpat Nagar, Preet Vihar, Shahdara and Laxmi Nagar have been witnessing increased customer footfall, he said.

He added that automobile showrooms across various companies were also reporting significant sales during the festive period.

Consumers are purchasing a wide range of products, including mobile phones, gifts, decorative items, dry fruits, clothing, electronics and home furnishings, indicating a revival in shopping activity across the national capital.

(With inputs from IANS)