The economy is growing at a healthy clip of 8% and there is positivity among the common men of the country. With RBI cutting interest rates, ASSOCHAM is predicting a 40% increase in consumer demand during the Diwali at the end of October. Rural demand may also increase in the near term since good monsoon has resulted in improved crop yields. Recent data in the third quarter suggests that sales of two and three wheelers have increased on Year on year basis. Even the demand of jewelry has shown a marked increase in recent times. Due to the favorable business environment, the chances of a good Diwali is quite bright for the retailers and the wholesalers.
Assocham in its latest report also commented that real estate demand is still not picking up to the pre-recession levels. People are now increasingly buying new models of 4 wheelers as the demand has shown a strong surge in recent times. Similarly, customers are also buying apparels as well as consumer durables in large numbers.
Kolkata along with the eastern Indian region has revealed increased buying during the Durga Pooja. People are buoyed by the low-interest loans offered by the banks; therefore lots of two and four-wheelers are being purchased. It is a far cry from the past when the demand was down and the growth sluggish.
In Delhi and other north Indian cities, the purchases have enhanced by 20% over the previous year during the festive season. As far as fashion accessories are concerned, the jump is in the vicinity of 32% in the previous quarter. ASSOCHAM is hoping that the steps taken by the government are finally bearing fruits in the form of rising demand.
The survey was conducted by the organization across 3500 cities in India; therefore its credibility could never be in doubt. Some of the places covered were New Delhi, Mumbai, Kolkata, Bangalore, Chennai to name a few. It also revealed that women were more interested in buying apparels while men prefer fashion accessories from the word go. Similarly, people are spending to the tune of Rs15, 000 to 35000 on a smart phone. It is an upward tick as compared to the past when customers shelled out Rs 10,000 to 15,000 on the mobile gadgets.
One of the most important traits in the users is that they are going after value for money propositions while buying the electronic goods and Smartphones.
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