Retail industry pins hopes on the festive season

As the festive season begins in West Bengal with Durga Puja , offline as well as online retailers are looking forward to an improved consumer sentiment. The retailers are anticipating sales to grow by 30-40 percent compared to the last year.

Consumers usually loosen their purse strings around the festivals to splurge on gifts and other big ticket purchases. Also industry insiders said that with the recent rate cut of 50 basis points by the Reserve Bank of India, consumer sentiment has further witnessed an uptick, which could result in improved sales this festive season.

According to Rakesh Biyani, Director, Future Group, with the customers pursuing latest styles and designs in clothes, the company is certain about witnessing a double digit sales growth this festive season, which has already kicked-off. Reiterating a similar sentiment, Sanjay Vakharia, Chief Operating Officer of Spykar Lifestyles too is looking forward to rise in sales of around 35 to 40 percent against the previous year.

Ecommerce majors such as Flipkart, Snapdeal and Amazon have already announced their sales seasons starting today and are banking upon the lucrative deals and discounts on a variety of brands and products to woo customers. So overall the sentiment among the retail industry is positive compared to the last few seasons.