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India Sees Increase in Festival Spending Despite Inflation Concerns

Started by Epoch-Times-Bot, Oct 14, 2022, 09:00 AM

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Epoch-Times-Bot

Oct 14, 2022, 09:00 AM
India Sees Increase in Festival Spending Despite Inflation Concerns

India has seen a rise in consumer spending during the Hindu festival season, which began in September, with online and offline sales projected to exceed $27 billion in November, despite rising inflation.
Festival sales totaled nearly $15.2 billion in offline sales, compared to $8.5 billion in the pre-COVID period in 2019, and $11.8 billion in online sales, according to the Confederation of All India Traders (CAIT).
Retail sales typically peak during the months of October and November, when the nation celebrates the Dussehra and Diwali festivals, but this year's spending is higher due to pent-up demand as the COVID-19 pandemic subsides.
CAIT group secretary general, Praveen Khandelwal, projected a 70 percent increase in sales compared to the pre-pandemic total as people spend more on clothing, jewelry, and home décor to celebrate festivals and the wedding season....

Source: India Sees Increase in Festival Spending Despite Inflation Concerns

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