Confederation of All India Traders (CAIT) reported on Diwali sales 2023. Retailers across the country registered a record trade of Rs 3.75 lakh crore during this year’s Diwali season so far with almost only India products sold this Diwali, said traders body CAIT.
CAIT National President BC Bhartia and Secretary General Praveen Khandelwal in a joint statement said that the festival trade of Rs 3.75 lakh crore; where spending on jewellery remained of 9 per cent.
With Goverdhan Pooja, Bhaiya Dooj, Chhath Pooja and Tulsi Vivah yet to be solemnized, these festivals may attract another trade of Rs 50,000 crore, the traders’ body added. In addition, the upcoming wedding season starting from Dev Uthan Ekadashi on November 23 to December 15 is expected to generate business worth Rs 4.5 lakh crore with around 35 lakh weddings likely to be solemnized during the period, CAIT said in October.
According to Bhartia and Khandelwal, the Delhi region alone may host 3.5 lakh weddings, generating Rs 1 lakh crore in the region. Last year, about 35 lakh weddings took place during the same period, generating business worth Rs 3.75 lakh crore.
The next phase of the wedding season is expected from mid-January till July. As per CAIT, the businesses to benefit the most from weddings would be jewellery, sarees, readymade garments, furniture, footwear, ethnic wear, food grains, decoration items, electric and electronic equipment, and banquets/hotels. Indirectly, painting and repairing materials for houses.