First week online festival sales in India rise by 23%: RedSeer Consulting
05 November 2021, Mumbai:
The first week of online festival sales in October saw 23 per cent year-on-year sales growth in 2021. Goods worth $4.6 billion (Rs 32,000 crore) were sold online, according to a recent report released by homegrown firm RedSeer Consulting. It claimed that Flipkart Group emerged as the leader, with a 64 per cent market share.
Shoppers across the country bought products worth Rs 1.25 trillion this Diwali, helping retailers log decade-high sales , said the Confederation of All India Traders (CAIT), which represents about 70 million traders. The tremendous sales response has also made businesses optimistic about the near future.
Therewas an estimated business of about Rs 1.25 lakh crore (trillion) in the entire country during Diwali this year, added BC Bhartia, National President, CAIT and Praveen Khandewal, Secretary General, In Delhi alone, this business was about Rs 25,000 crore.”
Bhartia and Khandelwal said consumers preferred Indian goods this time, leading to a direct loss of over Rs 50,000 crore of business to Chinese exporters.
In demand were items such as earthen lamps, candles and paper mache lamps, which helped small potters, craftsmen, and handicraftsmen rake in substantial profits. Sweets, dry fruits, footwear, watches, toys, home décor, and fashion clothing also saw huge demand.
Consumers spent over Rs 9,000 crore on gold jewellery and silverware, they said, while traders selling packaging items saw sales of Rs 15,000 crore. Before this, online players had also seen encouraging sales.
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