Rakhi festive sales projected to cross ₹12,000 crore mark
The Confederation of All India Traders (CAIT) has projected that the nationwide sales during the Rakhi festival will surpass ₹12,000 crore. This forecast is based on the significant increase in market activity and consumer enthusiasm observed by the organization. CAIT has also encouraged consumers to support local businesses by purchasing India-made goods for their celebrations.
Indian rakhis preferred over Chinese counterparts
CAIT has noted a strong consumer preference for Indian-made Rakhis over those imported from China. The organization stated, "For several years now, only indigenous Rakhis have been sold in the country, and this year too, there was neither demand for nor any presence of Chinese Rakhis in the market." This trend indicates a shift toward supporting local artisans and businesses during festive occasions.
Rakhi sales show consistent growth over years
Praveen Khandelwal, CAIT's National General Secretary and MP from Chandni Chowk, revealed that the business during the Rakhi festival has shown consistent growth over the years. He compared this year's projected turnover of ₹12,000 crore to last year's figure of approximately ₹10,000 crore. This upward trend in sales underscores the increasing popularity and economic significance of the festival.
Unique rakhis made from local products gain popularity
Khandelwal and CAIT's National President, BC Bhartia, highlighted that this year's market has seen a surge in demand for unique Rakhis made from local products of various cities. These include Khadi Rakhi from Nagpur, Seed Rakhi from Pune, Sanganeri Art Rakhi of Jaipur, and Woolen Rakhi from Satna in Madhya Pradesh, among others.
Extended festive season to boost overall sales
CAIT anticipates that the total festive sales could exceed ₹4 lakh crore due to an extended festive season this year, lasting from August 19 to November 15. The organization stated, "During this festive period, the business community across the country is fully prepared to meet consumer demands." This projection indicates a robust outlook for India's retail sector during the upcoming months.
