Wednesday, February 8, 2023

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Diwali festive sale hits $32bn , breaks last year record: Survey

New Delhi: The festive season is round the corner and we are ready to enjoy the celebrations aftermath of covid lockdown. Last year the consumer durables industry witnessed a revival in sales during the festive season as markets had largely opened up post the second wave of the pandemic.
According to the survey by LocalCircles, Spending in the festival season in 2022 could hit $32 billion as indians ready for restriction-free festivals.
According to the survey, Fast-moving consumer goods (FMCG), consumer durables and e-commerce companies see strong sales this festival season as the impact of the Covid-19 pandemic wanes. As per the survey, while consumers spend will surpass levels seen in 2021.
Indian consumers will largely spend money on Diwali supplies, groceries and home renovation items, a survey by LocalCircles has found. One in three Indian households plan to spend an estimated ₹10,000 this festive season, with footfalls in stores and markets set to jump by 20%.
LocalCircles received over 58,000 responses from consumers located in 362 districts of India for its survey. Over 60% respondents were men while 36% respondents were women. Meanwhile, 44% respondents were from tier 1, 33% from tier 2 and 23% respondents were from tier 3, 4 and rural districts.
Findings of the survey reveal that 35% of households plan to spend on Diwali supplies and 26% are planning to spend on festive groceries while 13% plan to buy home renovation products. In fact, 6% of households plan to buy white goods and appliances, while 6% intend to spend on smartphones and consumer electronics. Some 4% are likely to buy jewellery. Spending on services could also see a boost with home repair and travel projected to be top categories of spends.
Consumers are likely to open their wallets after two seasons of muted festive celebrations. However, high inflation has brought in some caution, especially in middle-income households.

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