NEW DELHI: The All India Organization of Unorganized Retailers, CAIT, calculates approximately that this time 40 percent sales will be abridged on Diwali and it will remain meager for traders. CAIT said in a report that there were only two days left in Diwali. At this time, purchases are done on their high pick every year, but this time in the markets silent is available across the country and Diwali's festive feeling is not here. In the markets, there is a shortfall in subscribers, which is likely to fall by almost 40% in sales in comparison to last year.
CAIT National President BC Bhartia and National General Pravin Pravin Khandelwal said that there is an environment of the recession in the market due to strapped for cash in consumer pockets. Consumers are purchasing most of the essential items and are avoiding the purchase of Diwali festival. People have invested in large amounts of real estate and gold, and due to the slowdown in these two areas, their money is stuck.
Confusion arising from the goods and services tax (GST) has spread the markets and the trader is disturbed. Consumers do not want to do so much due to the 28% tax rate on most of the festival-related items. Looking at the market environment, it does not seem that the country's much bigger festival Diwali is near.
Durable consumer goods, everyday consumer products, electronics, kitchen utensils, watches, gift items, desserts, nuts, furnishings, apparel, and furniture are some of the areas which are facing direct effect of the recession. The festival of Lights in India starts from Navaratri first and runs until December 14.
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