Up, up and away went the growth of sales during Diwali this season. Last year, we reported an increase of 41 percent in sales post the gloom of 2008 Diwali sales. This year, with a booming economy and salary hikes restored, consumerism is back with a vengeance. Sales during Diwali varied in different sectors, but were up 80 percent this year.
In spite of gold prices being at an all-time high of Rs. 1,950-2,000 per gram, leading jewelry retailers saw growth rates of 40 to 80 percent in their Diwali sales. Car buyers could barely wait long enough for manufacturers to roll them out of the showrooms; the industry saw an increase in the range of 38 to 53 percent in sales.