The market is expected to grow due to the festive season. In such a situation, traders have also stocked large quantities of goods in the hope of selling strongly. This year’s stock level is the highest level in five years. Indeed, traders are hoping that in this festive season people will spend the money collected in lockdown.
Biggest shopping season
According to Reuters, the country’s largest shopping season is during Durga Puja and Deepawali. It is 20 days from October to November every year. Traditionally, people shop for things like decorating homes, buying large items and gifts to each other. With this, everyone, from big businessmen to small grocery store owners, expects more sales this month than others.
Traders created a buffer stock
The Confederation of All India Traders (CIAT) released data on this. Accordingly, 7 crore traders planned an average buffer stock before the start of the festive season this year, with a buffer stock of about 14% of the goods. Traders created this buffer stock so that goods could be supplied when demand increased. A buffer stock of 10% was created last year.
Business improved in the capital
Praveen Khandelwal, secretary of a business group in the capital Delhi, hopes that this year’s Diwali sales of goods could be the best in the past five years. Hence the stock of goods has also been done in large quantities. He said that this month has reached the highest level of the last seven months in terms of customers coming to the shop.
Expect improvement in other cities
Usually, shops in Jaipur have a bit of a stir due to locals and foreign customers. But the case is slightly cold due to the epidemic. Local businessmen say that tourism is the main business here, which has been badly affected due to the epidemic. Durga Puja is one of the main festivals in Kolkata. According to Reuters, most people here prefer to go to the supermarket and pharmacy shop rather than the retail shop.
1.5 lakh crores raised during the lockdown
According to the Confederation of All India Traders, since April, the first month of the implementation of the lockdown, people in India have saved about 1.5 lakh crore rupees, a large part of which can be spent in this festive season. Because Flipkart, Amazon and other online companies and banks have said to give huge discounts on the purchase of products in the festive season. E-commerce company Flipkart said that the total sale in this festive season is three times more than last year.
Estimates to improve sales figures
According to Reuters, the country’s big retailers Croma and Vijay Sales hope that in the coming days, sales figures could be better than last year. Both mainly sell electronic and home appliances. But there are concerns about categories like laptop and TV.
Retail shopping also increased
If we look at the recently released data, demand for diesel, cars and electricity has increased. Apart from this, retail purchases ranging from mobile phones to furniture have also increased. Earlier in the June quarter, GDP had registered a decline of 23.9%. Brokerage company Nomura said that the Indian business index has seen growth in the week ending October 18. It reached the highest level since the lockdown in March.