According to the Confederation of All India Traders, people flocked to the marketplaces for Diwali shopping, resulting in a Rs 1.25 trillion transaction figure, a record for the last ten years on the occasion of Diwali (CAIT).
CAIT, which represents over 70 million merchants, stated that such large buying has put a stop to the two-year-long economic recession in business. It has also sparked hope for stronger commercial possibilities in the foreseeable future among the business sector.
Excited and inspired by the fantastic Diwali business, shopkeepers throughout the country are already preparing for the wedding season sales, which will begin on November 14, according to CAIT.
“In this year’s Diwali celebration, there is an expected commerce of roughly Rs. 1.25 lakh crore rupees in the entire country,” stated CAIT National President BC Bhartia and Secretary General Praveen Khandelwal. “This company was worth around Rs. 25,000 crores in Delhi alone.”
CAIT, which represents over 70 million merchants, stated that such large buying has put a stop to the two-year-long economic recession in business. It has also sparked hope for stronger commercial possibilities in the foreseeable future among the business sector.
Excited and inspired by the fantastic Diwali business, shopkeepers throughout the country are already preparing for the wedding season sales, which will begin on November 14, according to CAIT.
“In this year’s Diwali festival, there is an estimated business of about Rs 1.25 lakh crore rupees in the entire country, which is a record figure ever attained in the last decade,” CAIT National President BC Bhartia and Secretary General Praveen Khandelwal said, adding, “In Delhi alone, this business was about Rs. 25,000 crores.”
According to Bhartia and Khandelwal, Chinese goods were not sold at all in markets across the country this time, and shoppers placed a special emphasis on acquiring Indian items, resulting in a direct loss of business worth more than Rs. 50,000 crores for China.
The traditional Diwali celebration commodities in high demand were largely earthen lamps, the colourful décor of clay diyas, candles, and papier-mache lamps, which brought in a lot of money for tiny potters, craftsmen, and handicraftsmen. Sweets, dried fruits, footwear, watches, toys, home décor, and stylish clothes were among the other items in high demand.
According to Bhartia and Khandelwal, gold jewellery and silverware were acquired for more over Rs. 9000 crores this year. This Diwali also brought in a sizable amount of money for packaging goods, amounting to Rs. 15,000 crores.
This Diwali has spurred traders around the country to embrace new business practises in light of new prospects and high potential for future business in India.
In 2021, the first week of online festive sales in October, in which multiple e-commerce firms participated, had a 23 percent increase in revenues year over year.
According to the newest study produced by local business RedSeer Consulting, this indicates that items worth $4.6 billion (Rs. 32,000 crore) were sold online from companies and merchants during the Christmas sales.
Amazon recently said that its month-long Great Indian Festival (GIF) saw the most ever buying activity on Amazon.in for its sellers and brand partners, delivering services to millions of customers throughout the country. GIF began with Prime Early Access at midnight on October 2 and was available for all consumers on October 3. Customers may choose from billions of products from Amazon merchants, including unique items from tens of thousands of Small and Medium Businesses (SMBs).
During the month-long holiday event, customers from 99.7% of pin codes shopped. Consumers purchased on Amazon more than ever before, with 79% of new customers hailing from tier 2 and 3 cities such as Godavari, Ernakulam, Guntur, and Krishna.