 "CAIT upbeat about consumer spending in upcoming Diwali festive season")
The Confederation of All India Traders (CAIT) has asked traders to increase their stocks as people are going to buy more in the upcoming Diwali festival season.
Citing a YouGov report, CAIT has said that nearly 36 per cent of people living in the urban areas are likely to spend more during the Diwali season.
"The expected growth in business among cities will not be restricted to cities alone but traders in small towns and rural areas will also witness growth," it said.
CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal said the report of YouGov was based on Diwali spending index, which shows that this year the spending intent stands for 94-45 in comparison to 90.71 in 2021 and 80.96 in 2020 which is also a parameter for recovery of the economy. In the last two years due to Covid pandemic, the consumers faced a financial crisis."
The prominent sector, the CAIT, sees growth include home appliances, Travel, Health and Fitness, Home Decor and gold. The CAIT expects that besides these sectors consumer electronics, mobiles, readymade garments, gift articles, FMCG sector, consumer durables, electrical fixtures and fittings, etc., will also see good business.
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CAIT said the festival season was all set to begin from August 31 to September 9, which will be prominently celebrated in Maharashtra, Gujarat, Madhya Pradesh, Tamil Nadu, Karnataka, Andhra Pradesh, Goa, etc. whereas the festival of Navratri, Ramlila and Durga Puja will begin from September 26 to October 5, and Diwali on October 24.
--IANS
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