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Flipkart Group emerged as the industry leader, with a market share of 64%, according to the report.
This Diwali, people thronged to local markets for festive shopping generating a total revenue of around Rs 1.25 lakh crore as the economic activities gradually returns to normalcy after the crisis induced by Covid-19. According to the Confederation of All India Traders (CAIT), this year’s Diwali sale revenue is a record high in the last 10 years.
The apex traders’ body, which represents over 70 million businessmen, said the strong sales response was a welcome relief for shops who had been experiencing a slowdown for the past two years.
Encouraged by the record-breaking Diwali sales, dealers are gearing up for the wedding season, which begins on November 14, the CAIT said.
The Business Standard quoted CAIT National President B C Bhartia as saying that this Diwali, the total business in the country is anticipated to be about Rs 1.25 lakh crore (trillion), which is a record high in the recent decade. The total sales revenue in Delhi alone was Rs 25,000 crore.
Made in India items in demand
The CAIT office bearers claimed that no Chinese goods were sold this time, and the customers preferred to buy goods made in India. China has lost over Rs 50,000 crore in business as a result of this buying tendency.
Traditional Diwali items such as clay lamps, paper mache lamps, candles, and other items were in high demand, bringing in significant revenue for Indian artisans. Home décor, sweets, dry fruits, apparel, footwear, watches and toys were among the other items in strong demand, according to the CAIT.
During Diwali 2021, sales of gold jewellery and silverware totaled Rs 9,000 crore. Furthermore, this year, packaging items worth Rs 15,000 crore were sold.
Flipkart leads Online festive sale
In 2021, the first week of online festival sales in October, which included numerous e-commerce enterprises, witnessed a 23% YoY increase in sales. According to a recent survey done by local firm RedSeer Consulting, commodities worth $4.6 billion (Rs 32,000 crore) were sold online.
Flipkart Group emerged as the industry leader, with a market share of 64%, according to the report.
Earlier this year, RedSeer Consulting predicted a $4.8 billion sale in the first week of festival season. In comparison to previous year, the whole online shopper base increased by around 20%, with Tier 2 accounting for roughly 61% of all shoppers.