36% Urban Population Likely To Spend More On Diwali Festival Sale This Year: CAIT

This year's Diwali festival is all set to bring more business to the trading community as nearly 36 per cent of people living in urban cities have expressed their desire to spend more in the upcoming festival season, said the Confederation of All India Traders (CAIT) while citing a report of Yougov. 

The trade body is advising traders all over the country to keep their stocks filled with the products they are dealing in. 

This expected business growth will not be restricted to cities alone but will reach small towns and rural areas. It will be a growth both in the B2B and B2C sectors.

BC Bhartia, National President, CAIT and Praveen Khandelwal, Secretary General, CAIT in a joint statement said that the report of Yougov is based on the 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 pomp and show in the markets were very slow and the consumers were fraught with the financial crisis. However, this year it looks that consumers are more eager to celebrate the Diwali festival in a big manner which will certainly bring more business to the traders," the trade leaders said. 

They said that the festival season in India is all set to begin from 31 August to 9 September which will be prominently celebrated in the states of Maharashtra, Gujrat, Madhya Pradesh, Tamilnadu, Karnataka, Andhra Pradesh, Goa etc. 

Both leaders hope that this year the domestic trade will see robust growth in businesses.