As per the survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI), sales across various sectors were on the up, primarily the FMCG and the automobile sectors. It is believed that the reason behind this surge is the resilient festive market conditions.
Manufacturing competencies and retailers are resetting their targets to higher ones, which is testimony to the fact that the domestic sales have been very strong across the present festive season. Sales have been on the surge since September and continue in the same fashion till date. It began with the Onam festival in Kerala and continued in the same way till Durga Puja and Diwali. The same is expected in the near future till Christmas leading up to the New Year.
According to the report, a rise of 15 to 20 percent has been observed in consumer durable and retailer sales, attributing it to a much better consumer sentiment. This year the major companies to have gained have been the auto companies due to the stimulus package announced by the government to help the economy and the lowered interest rates on auto loans. Interest rates on auto loans have been as low as 11 percent in comparison to the 12-15 percent bracket last year. A rise of 25 percent has been seen in the sales of auto companies in the current season.
A growth of around 20 percent in the sales of FMCG heavyweights like Coca Cola, Nestle, Pepsi and leading sweetmeat makers has been observed during the festive season, especially around Diwali.
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