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by IANS |
New Delhi, Oct 19 (IANS) As the nation gears up to celebrate Karva Chauth, the Confederation of All India Traders (CAIT) said on Saturday that the festival is projected to see business worth Rs 22,000 crore for traders across the country, a 46 per cent growth from last year’s sales.
Last year, the sales on the occasion of Karva Chauth were more than Rs 15,000 crore. The festival will be celebrated in the country on October 20.
According to CAIT General Secretary and Chandni Chowk MP Praveen Khandelwal, the Karva Chauth festival is projected to see business worth Rs 22,000 crore nationwide, and Delhi alone is set to witness sales worth around Rs 4,000 crore, breaking all previous records.
"Since the last two days, there has been enthusiasm in the markets. From clothes, jewellery, make-up-cosmetics, gift items and puja items, a lot of shopping is going on," Khandelwal noted.
In August, the Janmashtami festival generated a business of more than Rs 25,000 crore. The high sales turnover reflected robust consumer spending in a growing economy which shoots up during festive celebrations, according to the largest traders’ body.
CAIT expects festive sales of over Rs 4 lakh crore due to the extended period of the festival season this year, which began with Raksha Bandhan on August 19 and will extend to November 15 on the day of Tulsi Vivah.
Meanwhile, online e-commerce platforms in the country saw sales worth over Rs 54,500 crore in the first week of the festive season, about 55 per cent of total sales projected during the next month. According to the latest data from Datum Intelligence, a market research firm focused on consumer technology, the e-commerce platforms saw a 26 per cent increase in the first week of the festive sale, compared to the same period in 2023.
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