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The Confederation of All India Traders (CAIT) on Sunday claimed that India witnessed a total of Rs 1.75 lakh crore trade during Diwali, a growth of over 40 per cent as compared to Rs 1.25 lakh crore in 2021.
As per the survey by its research wing CAIT Research and Trade Development Society, the customers purchased Indian products which have caused the disappearance of Chinese goods from the markets resulting in a loss of about Rs 75,000 crore of business to China.
BC Bhartia, National President and Praveen Khandelwal, Secretary General, CAIT in a joint statement said that the way customers thronged the markets has broken the myth that e-commerce business would soon make its way into India’s retail business.
“The concept of ‘cheaper will sell more’ has no place in the buying behaviour of customers and the consumers are more concerned about the quality of the goods within the parameters of their spending,” trade leaders added.
Bhartia and Khandelwal said that in the Diwali sale, major items which huge business remain are mainly FMCG items, consumer durables, grocery, food grains, mobiles, electronics, electrical fittings and other electric items, furniture etc.
After Diwali, the traders have started preparing for the wedding season and it is expected that the marriages will also be held with great pomp and show, which will also lead to a big boost in business
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