Festive season starts with a bang, momentum to remain strong

Consumers have hiked their spends this festive season as reports suggest that spending may peak across sectors including automobiles and electronic goods

- ARSHAD KHAN

FROM small buys such as apparel and sweets to making once-in-a-lifetime purchases, consumers are not holding back this festive season. According to Redseer, the first week of the 2023 Festive season sale, which concluded on October 15, saw online platforms clocking a gross merchandise value (GMV) of ₹47,000 crore, growing at 19% over the first week of the 2022 Festive season sale.

Now that the season is heading towards the end of Navratri and with Dhanteras and Diwali coming soon, there is increased buoyancy in the market that consumer spending may peak this season and various sectors of the economy may register their best ever festive season.

"I think the mood is set. The initial trend is very good. Dealers are ready with stocks unlike last year when semi-conductor shortage led to a huge waiting period," FADA President Manish Raj Singhania told this newspaper when asked what the auto sector is expecting this festive season. In the 42-day festive period of CY2022, passenger vehicle (PV) sales grew by 34% to 4.56 lakh units. Two-wheeler sales also registered a good growth of 26% last year at 21.56 lakh units.