Festival …. It’s Time to Celebrate with Friends And Family
Consumer leisurely spending on a variety of goods, including automobiles, cell phones, televisions, two-wheelers, and household appliances, has increased significantly during the course of this festival season. Many companies and product categories have not only matched but also surpassed their overall festive season sales from the previous year during the first phase, which runs from Navratri to Dussehra, according to insights supplied by various industry experts.
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It’s important to keep in mind that this first stage often sees a sizable 40% to 50% of all festival sales. A week prior to this year’s Diwali, which occurs on November 12, the second phase of this festive buying extravaganza starts. Following a protracted period of economic uncertainty and suffering, this increase in consumer spending represents a major turnaround in consumer morale.
Online retail behemoths like Amazon, Flipkart, and JioMart started their festival sales earlier than normal, drawing a huge influx of online buyers. Surprisingly, traditional brick-and-mortar stores also saw an increase in sales over the Navratri-Dussehra season, demonstrating that customer enthusiasm is not just limited to online marketplaces.
The need for large-screen televisions, particularly those with screens larger than 65 inches, is another product category that is in great demand. According to television manufacturers, these models are getting harder and harder to find on the market as a result of their explosive popularity.
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Gireesan Gopi, LG India’s business leader for home entertainment, has predicted that this market will grow at a rate that is two to three times faster than it did the year before. The intersection of the festive season and the enthusiasm of the cricket world cup, which has well beyond sales projections, is what he credits for this phenomenal surge. In order to accommodate the enormous demand, Gopi continues that they are diligently striving to restock their inventories of large-screen televisions.
Finally, the festive season has sparked a rekindled enthusiasm among shoppers, resulting in a significant increase in discretionary spending. Due to consumers’ desire to take advantage of the season’s unique deals and promotions, both online and offline merchants have benefited from this trend. In addition, sectors like automotive and home entertainment have experienced significant expansion, with the accessibility of automobiles and big-screen televisions playing a major role in triggering this festive purchasing frenzy. There is a lot of hope and optimism for sustained success and wealth in the consumer sector as the season enters its second phase.