During the festive season in India, while people often purchase items like cars, furniture, and home appliances, the largest area of expenditure might surprise you. According to the Confederation of All India Traders (CAIT), the highest spending during festivals is food and grocery items. Festivals like Diwali, Dhanteras, and Rakshabandhan are considered auspicious for buying gold; this drives massive demand for gold as well. CAIT estimates that from Rakshabandhan to Diwali this year, the overall business in India could reach a staggering Rs 4.25 lakh crore. Jewellery, in particular, plays a significant role in contributing to this enormous economic boost, reflecting cultural traditions and investment preferences across the country.
According to Praveen Khandelwal, the general secretary of CAIT, during the festive season, a significant portion of the estimated Rs. 4.25 lakh crore in trade is allocated to various categories. The breakdown of spending is as follows:
13 percent on food items and grocery goods, making it the highest expenditure category.
12 percent on clothes.
9 percent on jewellery.
8 percent each on electronics, mobile devices, and gift items.
6 percent on cosmetics.
4 percent each on dry fruits, sweets, namkeen, and furnishing/furniture.
3 percent each on home decor, puja samagri, and utensils/kitchen equipment.
2 percent on confectionery and bakery.
The remaining 20 percent is spent on automobiles, hardware, electrical goods, toys, and other items.
This Diwali, a business of Rs 4.25 lakh crore is expected across 70 major cities in India, marking a significant increase from last year’s Rs 3.5 lakh crore. In Delhi alone, the business could surpass Rs 75,000 crore, reflecting the city’s key role in the festive economy. According to CAIT General Secretary Praveen Khandelwal, around 70 crore customers typically shop during the festive season, contributing to this enormous economic activity. Additionally, the ongoing boycott of Chinese goods has led to a noticeable reduction in the availability of Chinese products in the market, further supporting local and domestic businesses.
Comments
0 comment