Festive season sales have picked up, starting Dhanteras prior to Diwali. The momentum can continue till Christmas, according to retailers.
Gold jewellery, automobiles and consumer durables registered massive sales, retailers said.
In a marked change from last year, gold sales were on a higher side as many customers were seen buying gold jewellery though prices remained higher than their expectation levels.
“It (sale) was far better than last year. As a global trend, investors remained on the sideway. But we witnessed buying activity mainly in jewellery by end-users. Some people purchased coins but in small denomination. Till September, the sentiment was low, and now it seems the market is picking up due to festive buying,” said All India Gems & Jewellery Trade Federation Chairman Haresh Soni.He said, on an average across India, gold jewellery sales gained in the range of 15-18 per cent.However, many jewellers in Mumbai reported 30-40 per cent jump in sales on the day of Dhanteras as compared to last year.
“Over all, this year sales are good. Many people bought gold jewellery because the marriage season is approaching next month. Apart from this, gold price is lower than last year,” said Kumar Jain, Vice-President, Mumbai Jewellers’ Association.
Consumer durable retailers have also reported brisk sales during Diwali. “For us, the growth is more than 100 per cent as compared to last year,” said Kishore Biyani, Group Chief Executive Officer, Future group.
Automobile companies declined to share their sales volume but auto analysts have confirmed rise in deliveries. “Customer sentiment is very good and we have noticed people visiting showrooms. We expect good sales volume for the next two months though there is some subdued demand in rural pockets due to the delayed monsoon,” said auto expert Abdul Majeed, Partner, Price Waterhouse LLP.
Honda Motorcycle & Scooter India said it had created history this Dhanteras by registering sales of 1.65 lakh units as compared to 78,500 units sold last year.
