Retail story continues to sparkle this Diwali

The global financial crisis and the crashing stock market has failed to dampen the sparkle of Diwali, with spending by consumers remaining buoyant.

RPG Group’s retail chain Spencer’s VP sales S S Shekhawat said that the Dhanteras week-end sales was the best ever in their history.

“We did Rs 20 crore in sales during the Dhanteras week-end and hope to do well today also. Across the board buying was witnessed including in fashion, jewellery, electronics and electrical,” he said.

Jewellers were happy for a better year in both volume and value terms during the Dhanteras compared to the previous year.

“We received a better response during this Dhanteras compared to the previous year despite some apprehensions. In value terms, the growth is 20 per cent higher than the previous Dhanteras, while in volume terms it could be around 10-15 per cent,” Senco Gold Ltd executive director Subhankar Sen said.

Leading jeweller and exporter P C Chandra’s director Suvro Chandra also said demand during the festive period had gone up by 15-20 per cent.

According to them, the softening of gold price by some Rs 200 per gram since its peak on October 10 had made it affordable and buying on account of Dhanteras has led to the demand.

Jewellery stores were offering hefty discounts and gifts to attract consumers. All India Gems and Jewellery Trade Federation, a national body of the jewellery business, has also come out with a gift scheme to encourage consumers to their member stores.

Source:- economictimes.indiatimes.com