The low-key mood reflected in the September quarter financial results of some of the marquee fast-moving consumer goods (FMCG) companies was yet to be replaced with an all-out shopping mania till the weekend before Diwali. Last-minute shopping is more spread out now with some retailers pinning their hope on the weekend after Diwali, expecting sales to peak by then.
Nilesh Gupta, managing director of Vijay Sales, a prominent electronics goods chain headquartered in Mumbai with stores across the country, told Business Standard that the coming weekend was expected to do well as consumers would flock stores to ensure they did not miss out on the Diwali offers. As of last weekend, footfall in markets picked up, he said, adding that mobile phones and large screen TVs were performing especially well.
"The coming few days will be crucial, we expect to clock a 7-9 per cent growth (in value) this Diwali." Last Diwali, the year-on-year (Y-oY) growth was estimated at around 10 per cent.
Demand failed to pick up in the early part of the festival season because of widespread rain in several parts of the country besides the overall consumption slowdown. Avneet Singh Marwah, chief executive officer (CEO) of SPPL, which is a brand licensee of Kodak, Thomson, White Westinghouse and Blaupunkt, said: "There was a slowdown till Navratri, but sales have picked up since then and we expect this trend to continue till Diwali. We've witnessed a growth of 15-20 per cent year-on-year." The weekend business wasn't too robust in fashion and lifestyle retail, but it picked up during the week just days before Diwali. "In the last two days, like-for-like sales are better than the weekend and are in mid-single digit. We are waiting and watching how the situation pans out even post Diwali as the wedding season approaches," said Devarajan Iyer, CEO at retail chain Lifestyle.
Diese Geschichte stammt aus der October 31, 2024-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der October 31, 2024-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
CESS AND SENSIBILITY
Southern states say cess and surcharge eat into their share of resources, urge 16th Finance Commission to consider contribution to national economy
India's transport future balances fossil fuels and clean tech
Fossil fuels will continue to play an important role in India's transportation sector, even as alternative fuel technologies see multifold growth.
Over 6K pollution plaints in Delhi since Oct 2021; 38% still unresolved: CPCB
Delhi registered 6,170 complaints related to air pollution between October 15, 2021 and November 19, 2024, with 2,333 (38 per cent) of these remaining unresolved, according to data from the Central Pollution Control Board (CPCB).
Indians see wallets drain by ₹485 crore in 'UPI scams' in FY25
Over 600,000 incidents of fraud have been reported in the ongoing financial year till September
Future of television is smart and networked
The smart TV market has been stagnant. Is Dor the disruption it needs?
Centre spent ₹3,623 crore on crop residue mgmt since 2018: Environment minister
Since 2018, the Centre has spent ₹3,623.45 crore on crop residue management in Delhi, Punjab, Haryana, and Uttar Pradesh, with ₹1,681.45 crore allocated to Punjab, the highest among the states, Union Minister of State for Environment, Forest and Climate Change Kirti Vardhan Singh said in the Lok Sabha.
Silver prices as volatile as stocks: Should you pick gold or silver?
A Motilal Oswal Private Wealth (MOPW) report released on November 25 shows that between 1990 and October 2024, silver's price has been just as volatile as Indian stocks.
Tech stocks gain as recovery takes hold
Nifty IT index hits all-time high as IT outlook turns positive
Adani group stocks settle in red
UNDER PRESSURE
Enviro Infra booked 89.9 times on last day
The initial public offering (IPO) of sewage treatment solutions provider Enviro Infra Engineers was subscribed 89.90 times on the closing day of bidding on Tuesday.