Festive retail sales expanded up to 20% by value and 5% to 8% by volume, driven by high demand for vehicles, home appliances, and online shopping. Car dealerships and major home goods brands recorded exceptional sales volumes, even as vehicle registrations over the extended holiday period are projected to stay flat against last year's high base. However, consumer electronics faced up to 15% drops in unit sales due to steep price hikes reaching 40%, though higher price tags still pushed overall category value up by 10%.
Key points
Festive retail spending delivered strong value growth despite ongoing economic headwinds…: Festive retail spending delivered strong value growth despite ongoing economic headwinds from food inflation and monsoon deficits.
Strong automotive demand left Maruti Suzuki with an outstanding order backlog of 253,000…: Strong automotive demand left Maruti Suzuki with an outstanding order backlog of 253,000 cars heading into mid-November.
Consumer electronics retailers relied on higher retail prices to achieve 10% value growth…: Consumer electronics retailers relied on higher retail prices to achieve 10% value growth while unit volumes fell sharply.
Sources checked by our analysis pipeline: 1
The demand spurt lifted festive season sales since Navratri by up to 20% by value and 5-8% by volume on average over the year-earlier period across most categories, said top executives at several companies. Ecommerce orders also surged more than 20%, per market studies.
Smartphones, smart TVs and laptops, however, stayed in negative territory, reporting unit sale declines of up to 15% amid sharp price increases of up to 40% this year, though growing up to 10% by value, said retailers.
Also Read: Vehicle registrations fall 24% in October on high base
Car dealers in north India recorded almost a month’s worth of customer deliveries on Friday, according to the Federation of Automobile Dealers Associations (FADA). Overall vehicle sales — including cars, two- and three-wheelers, commercial vehicles and tractors — for the festive period from Navratri to two weeks after Diwali are, however, likely to remain flat due to the high base of last year when sales surged 21% post GST rate cuts. “Despite the huge base, flat sales indicate good demand,” said FADA president Sai Giridhar.
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