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.
Large format retailers saw an increase of 20 to 25 percent in their average bill size. Consumer durables exceeded expectations. Flat-screen TVs saw almost 110 percent in sales growth; refrigerators were second at 50 percent; washing machines third at 45 percent. And smartphone sales increased by approximately 100 percent.
(Reaserch by Nilofer D’douza)