Ease of Doing Business for MSMEs: The Confederation of All India Traders (CAIT) has advised traders across the nation to keep their stocks filled ahead of the upcoming festive season. Citing a report of an internet-based market research company YouGov, CAIT said nearly 36 per cent urban shoppers were ready to spend more this season as they put the pandemic behind them. 

The traders’ body is expecting growth in business in the small towns and rural areas too instead of just cities, they said in a release.

They noted that both business to business (B2B) and business to consumer (B2C) sectors will witness growth this season.  

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The key sectors expecting increasing sales this festive season include home appliances, travel, health and fitness, home decor and gold.

Other sectors that can see heightened demand are consumer electronics, mobiles, readymade garments, gift articles, FMCG sector, consumer durables, electrical fixtures and fittings, according to the traders’ body. 

B.C. Bhartia, National President, CAIT said, “The report of Yougov is based on Diwali spending index which shows that this year the spending intent stands for 94-45 in comparison to 90.71 in 2021 and 80.96 in 2020 which is also a parameter for recovery of the economy.”

Market remained without pomp and show for the last two years and consumers too faced a crisis on the financial front, he said. 

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However, this year it looks that consumers are more eager to celebrate the Diwali festival in a big manner which will certainly bring more business to the traders, he noted.

Praveen Khandelwal, Secretary General of CAIT, said the spending index was calculated on 10 spending factors which include increase in income and intent to spend.

Festival season in India begins from August 31 and covers the states of Maharashtra, Gujarat, Madhya Pradesh, Tamil Nadu, Karnataka, Andhra Pradesh and Goa. 

According to YouGov, their Diwali Spending Index has been tracking the purchase intent of consumers during the Diwali season ever since the pandemic. This year’s data reveals a spending propensity of 94.45 among urban Indians. 

The number has increased from 90.71 in 2021, and 80.96 in 2020, highlighting a rapid road to recovery.