Diwali retail sales hit record Rs. 3.75L crore in India
What's the story
During this year's Diwali festivities, the push for made-in-India products resonated with the public, leading to a surge in sales of locally produced goods over Chinese imports.
Retail sales reached an all-time high of Rs. 3.75 lakh crore, and the Confederation of All India Traders (CAIT) anticipates an additional Rs. 50,000 crore in revenue from upcoming celebrations.
CAIT's 'Bhartiya Utpad-Sabka Ustad' campaign, which supports PM Modi's "vocal for local" initiative, has been deemed a success.
Details
Chinese goods incur losses of over Rs. 1 lakh crore
CAIT's National President BC Bhartia and Secretary General Praveen Khandelwal issued a joint statement revealing that products from China experienced losses of over Rs. 1 lakh crore in the Indian market this festive season.
In previous years, Chinese goods accounted for nearly 70% of the domestic market during Diwali.
The duo emphasized that this year's festival marked a notable change in consumer preferences, with a focus on exclusively purchasing Indian products.
What Next?
Breakdown of consumer spending across categories
CAIT reported that consumers allocated 13% of total sales to food and groceries, 9% to jewelry, and 12% to textiles.
Another 4% was spent on dry fruits, sweets, and savories, 3% on home decor, 6% on cosmetics, and 8% on electronics.
Prayer goods, utensils and kitchen appliances, confectionery and bakery, gift items, and furnishing and furniture, accounted for 3%, 3%, 2%, 8%, and 4%, respectively.
Remaining 20% was spent on automobiles, hardware, electricals, toys, and various other goods and services.