 "Uttar Pradesh estimates festival shopping to top Rs 1 trillion this year")
Uttar Pradesh estimates festival shopping to top Rs 1 trillion this year despite a surge in prices of gold and consumer products.
Almost 70 million shoppers are expected to splurge on shopping for an array of consumer valuables.
Sanjay Gupta, president, UP Adarsh Vyapar Mandal and state chairman of confederation of all India traders (CAIT), says, “Diwali shopping would extend from October 24 to November 13, covering Diwali and other Hindu festivals, including Gowardhan Puja, Bhai Dooj, and Chhath Puja.
“Diwali business comprises all categories of shoppers. Spending may start from Rs 500 and go up to millions of rupees,” he adds.
Recently, CAIT conducted a survey of India’s top 70 cities and trade centres. According to the estimates, Diwali shopping would clock Rs 4.25 trillion in 2024, of which UP is set to account for roughly 25 percent. The Pan India figure for 2023 was Rs 3.50 trillion.
Of the estimated Rs one trillion worth of Diwali business in UP, 20 per cent is expected to come from automobile, 13 per cent from food and provisions, 12 per cent from clothing, 8 per cent from electronics and mobile phones 8 percent, and 4 per cent from dry fruits
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Gupta also bets on the wedding season, which commences soon after Diwali. It will further boost the state's economy.
“The services and hospitality sectors comprising hotels, guesthouses, event managers, logistics, delivery partners, restaurants, travel, etc will too log robust growth,” Gupta notes.
UP chief minister Yogi Adityanath has been positioning the state as a lucrative market for companies to invest owing its consumer base of nearly 250 million.
Lighting solutions major Philips is also bullish on the potential of the UP market owing to the large consumer base, rising economy landscape and expanding real estate.
Indigenous handicraft has also witnessed an uptick in the state. For example, the terracotta Diwali gifting items are gaining popularity owing to government support and market demand.
So far, nearly 30 truckloads of terracotta items from Gorakhpur region have been dispatched to different states.