CAIT estimates 60% growth in sales this festive season

New Delhi, Oct 10 (KNN) A growth of around 60 per cent is expected for traders and retailers this year’s Diwali season in comparison to last year’s season, said Confederation of All India Traders (CAIT) on Sunday.

CAIT National President BC Bhartia and Secretary General Praveen Khandelwal in a statement said that in the initial season during Navratri from 26 September to 5 October, about 12 per cent growth in FMCG products, 15 per cent in consumer durables, about 20 per cent in electronics, about 10 per cent in mobiles, grocery around 20 per cent, toys about 15 per cent, etc., was registered.

“Purchasing behaviour of customers has changed completely in the last two years. They confirm the goods they are buying are Indian and not Chinese. So, more and more people are now demanding only Indian products, which is a big sign for the country’s economy. This year the traders did not order any goods from China for the Diwali festival season,” they said.

The trade association has asked businesses to stock up on goods ahead of the upcoming festive season as nearly 36 per cent of urban shoppers were ready to spend more this season from previous years, according to a report in the Financial Express.

Another consulting firm Redseer, predicts e-commerce sales during the festive season to likely be around USD 11.8 billion in gross merchandise value (GMV), up 28 per cent year-on-year. 

During the first week (September 22-30) of the festive season, Flipkart group led the market with around 62 per cent share on a GMV basis while Amazon had a share of around 26 per cent.

In terms of order volumes, Flipkart led the market while Meesho emerged second largest capturing around 21 per cent of the market. The first week’s GMV was around USD 5.7 billion or Rs 40,000 crore.  (KNN Bureau)