In spite of rising inflation and worries about an economic slowdown, there are signs that retail sales are showing signs of picking up in numerous pockets. That is good news, considering thousands of livelihoods are pinned on a good festive season. Shopping street in Chennai's retail hub of T-Nagar have been a little slow in picking up steam.
Every year, lakhs of shoppers from Chennai and neighbouring towns make their way to Ranganathan Street to buy clothes, imitation jewellery and footwear at bargain prices. All this stopped in 2020 when the COVID-19 pandemic struck.
Diwali shopping in T-Nagar just hasn't been the same in the last two years, thanks largely to COVID restrictions that stayed even during the festive season. But going by these crowds, the pandemic seems to be a thing of the past. However, the one question that looms large over this apparent return-to-shopping frenzy is — are rising prices, the fears of an economic slowdown and the loss of sheen in mass market consumption affecting Diwali sales this year?
Watch the accompanying video of CNBC-TV18’s Jude Sannith for more details.