Diwali 2024: India’s Festive Shopping Boom with Top-Selling Items Revealed - Read Now
Diwali 2024 is expected to see record-breaking sales of over ₹4.25 lakh crore in India. From electronics to groceries, see what items top the shopping lists during the festive season and how this cultural celebration fuels the economy.
Diwali 2024: It is the season of lights, sweets, and celebrations, but, interestingly, one of the biggest economic events for the country in India as well. According to Confederation of All India Traders, CAIT, this five-day festival is expected to fetch an astonishing ₹4.25 lakh crore of business into the market. This shows how strong shopping tradition forms part of this festival that getting something new is an auspicious affair. Every year, millions of Indians purchase anything from common household items to expensive high-tech electronics. This builds up a robust marketplace favoring big brands and small street vendors alike.
Diwali Business 2024: Economy Revival for Indians
As CAIT estimates, the sales during Diwali this year are expected to have jumped by ₹1 lakh crore over last year, crossing ₹3.5 lakh crore in 2023. People in metro cities and Tier-1 and Tier-2 cities have added substantially to this jump. Most people have planned the purchases months in advance. This is the time for them to get the best deals and discounts.
What Indians Are Spending On
According to research by Market Brew of Tata Fintech, specific categories spur the spending on Diwali. Here is the list of top-selling items here,
Automobiles and Electronics: These are also at the top of the sales lists in Diwali. More than 25% of all spending goes on automobiles and electronics. So many wait for Diwali to buy new TVs, gadgets, or maybe a vehicle, given these festive offers.
Groceries and Other Food Commodities: Would account for 13 per cent of the Diwali expenses, as its sales have been known to witness a spike during the festival season on account of stocking up various essentials as well as various ingredients of festive food dishes.
Jewelry and Ornaments: Though price of gold has gone through the roof, jewelry never goes out of fashion during Diwali, because it commands 9 per cent of all Diwali spending; most people will buy it because it considered auspicious.
Clothing Textiles and Fabrics: Festive season is another time when people look towards buying clothes. Diwali cloth purchases contribute towards 12 per cent towards the overall festive expenditure.
Home Decor, Gifts, and Sweets: The categories add up: 3% home decor, 8% gifts, and 4% sweets, as families would decorate homes and share sweet festive treats.
More Business Activity Expected
Diwali this year may also be looking at a boost of over ₹1 lakh crore through business sales. The sales are on a boom in relation to previous years and reflect in the Indian economy. So, along with cultural significance for the festivals, there has been added an economic touch to these, making even the vendors hope for well-being at these times since they write a new accounting during Diwali.
Diwali 2024 is going to be a festival of celebration of cultural heritage and economic life as all businesses benefit from the buoyant trends of festive shopping in India.
