India is currently immersed in the joyous festive season with Diwali right around the corner. Delhi's renowned Chandni Chowk is a bustling hub of activity, with throngs of shoppers crowding its lanes and by-lanes. The enterprising business community here is expecting 20-25% growth during this festive period.

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As per the Confederation of All India Traders (CAIT), consumer spending in the country is expected to surge from ₹2.5 lakh crore last year to approximately ₹3 lakh crore. Retailers are anticipating a significant surge in sales following Dussehra, extending into the wedding season.

Sanjay Bhargava, President of the Chandni Chowk Market Traders Association, remarked, "We find ourselves in the midst of the wedding season, and while business is gradually picking up, the real surge is anticipated after Dussehra. Sales for saree traders have already shown promise, and we expect a similar trend across other sectors."

Traders in Chandni Chowk report increased sales in jewellery, sarees, and suitcases. This iconic market in old Delhi has always been a cornerstone of the wedding industry and a one-stop destination for all wedding-related goods.

"Everything appears to be returning to normal, with no looming fear of Covid. We anticipate a growth of 20-25% in sales compared to last year. The redevelopment of Chandni Chowk, coupled with the increased pedestrian traffic due to the metro, has transformed weekends into vibrant and festive gatherings," Bhargava added.

Delhi's upscale Khan Market is home to numerous luxury brands. Shopkeepers here are poised for a significant upswing in luxury gifting for the season. Furthermore, with reduced spending on firecrackers, the sale of toys is witnessing a robust surge.

"The footfall is steadily improving, and by the time the festivals commence, the crowds will be substantial. Optimism prevails, and we are determined to outperform last year's sales. We expect at least a 10-15% increase in sales. With the ban on firecrackers, sales of other items are sure to rise, as people divert their spending towards luxury goods. The sale of toys is expected to soar post-Bhaidooj," Sanjeev Mehra, President of Khan Market Traders Association told CNBC-TV18.

Traders in both Khan Market and Chandni Chowk are diligently preparing to welcome customers during this ongoing festive season. However, both market associations anticipate a greater influx of visitors and a surge in activity closer to the main festival dates. Both associations also foresee, on average, a 15% increase in sales and footfalls during this festive season.

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First Published:Oct 23, 2023 10:33 PM IST