Surge in early Diwali festive sales

• Consumer spending on big-ticket items in conjunction with the Diwali festivities is experiencing a healthy start, with major brands and product categories seeing performance exceed last year’s equivalent period. This is attributed to recovering consumer sentiment and easing of supply chain constraints.
• Mobile phone market tracker Counterpoint Research estimates smartphone sales volumes have already grown 4-5% this month from the year earlier. The market has expanded by over 20% in value, with premiumization (upgrading to better models) being a key driver.
• LG India reported a shortage of large-screen televisions, despite having prepared for strong growth from last year. A spokesperson cited the combination of the festive season and cricket world cup as the reason for strong sales.
• Car sales also have grown by 16% from an already-high base. Inventory levels at Hyundai dealers are at 20-25 days, which a spokesperson described as optimal for the upcoming festival sales.

External Link : https://economictimes.indiatimes.com/industry/services/retail/consumer-spending-on-cars-smartphones-tvs-and-other-big-ticket-items-light-up-festive-sales-in-first-leg/articleshow/104683897.cms