After two years of COVID and pandemic-related restrictions, this is the first near-normal year of festivities. Buyers are finally starting to loosen their purse strings.
Shopkeepers from Mumbai’s Crawford market told CNBC-TV18 that demand remained high despite the spike in product prices and that sales were 25-30 percent higher.
Meanwhile, estimates from the Confederation of All India Traders stated that business worth 1.25 lakh crore was clocked in the period from the first day of Navratri till Dhanteras and on the Dhanteras-Diwali weekend alone, Rs 45,000 crore worth of sales were recorded. This was led by the jewellery segment, which clocked Rs 25,000 crore worth of sales and automobiles, electronics, sweets and snacks, etc made up the rest.
According to the India Bullion and Jewelers Association, 39 tonne of gold worth Rs 19,500 crore was sold during the Dhanteras to Diwali period, which is up 30 percent from last year.
Consumer durables also saw a peak season with sales being led by TVs, refrigerators and washing machines, especially in the mid and premium segment, according to people in the industry. The mid and premium segment saw 25-30 percent volume and 50 percent value growth. However, pain persisted in the entry-level segment, which saw volumes decline 10-15 percent.
E-commerce sales too concluded 2 to 3 rounds of sales and while latest data isn’t available yet, a Shopify report expects sales of nearly $12 billion to be clocked in. The first leg towards the end of September itself saw sales of $5.7 billion or Rs 40,000 crore being recorded.
Watch the accompanying video of CNBC-TV18’s Shilpa Ranipeta for Mumbai retail market pulse check.