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Festival Spending Booms Despite Inflation Worries, Global Slowdown
India festival spending booms despite inflation worries, global slowdown Indian consumers are lapping up everything from cars, houses and television sets to travel and jewellery in the festive season that began last month, according to early data, giving a fillip to growth prospects despite economic gloom elsewhere in the world. But the surge this year is much larger, mainly due to pent- up demand as COVID-19 recedes after two years of devastating the country, as well as a rise in wages and an increase in jobs as the economy recovers, said industry leaders. "We had not gone out of the city since the outbreak of COVID but decided to have some fun this year during the festivals," said Manoj Kumar Das, a 53-year-old tea vendor in Bhubaneswar, the capital of the eastern state of Odisha. Graphic: India's consumer confidence on the rise https://graphics.reuters.com/INDIA-ECONOMY/FESTIVALS INDIA-ECONOMY/movanxaqepa/Indian consumer confidence index. Countries representing one-third of global output are expected to be in recession next year, the IMF has said. Praveen Khandelwal, secretary general of the CAIT group representing over a million retailers, said sales were expected to grow around 70% compared to the pre-pandemic period as people were spending more on garments, gold, and home decoration to celebrate festivals and also buying for the marriage season. Source - NDTV
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