- India's Navratri sales reached a decade high due to GST reforms lowering tax rates and prices
- Maruti Suzuki doubled Navratri sales with 1.65 lakh vehicles delivered in eight days
- Consumer electronics sales grew significantly, with Haier's sales up by 85%
India's consumer economy has achieved its highest Navratri sales in over a decade, a surge attributed to the Modi government's NextGen GST reforms, which reduced tax rates and increased product accessibility. These measures lowered prices and unlocked consumer spending, leading to upgrades of vehicles, investments in home appliances, and increased spending on lifestyle goods.
Brands and retailers across sectors reported significant sales growth, generally ranging from 25 per cent to 100 per cent. The festive season's first half, including Onam, Durga Puja, and Dussehra, is the country's largest consumption period, accounting for 40-45 per cent of total festive sales.
Automobile Sector Drives Growth
The automobile sector experienced a remarkable festive season: Maruti Suzuki's Navratri sales doubled from last year, marking its best performance in at least a decade. The car maker delivered a massive batch of 1.65 lakh vehicles in the first eight days of Navratri. On Day 1, Maruti delivered a record 30,000 cars, its best single-day performance in 35 years. The company reported 1,50,000 bookings and anticipates reaching 2,00,000 bookings, compared to 85,000 vehicles retailed last Navratri.
Mahindra & Mahindra recorded a 60 per cent year-on-year jump in retail sales for its popular SUVs, including the XUV700 and Scorpio N.
Tata Motors retailed over 50,000 vehicles, driven by demand for models such as the Altroz, Punch, Nexon and Tiago.
At Hyundai, demand for the Creta and Venue pushed SUVs' share of total sales to over 72 per cent.
Showroom footfall for two-wheeler manufacturer Hero MotoCorp doubled this Navratri, with high traction in the commuter segment.
Bajaj Auto also reported strong sales during the period.
Boom in Consumer Electronics
The consumer electronics sector saw significant high, double-digit sales growth compared to last year.
Haier's sales soared by 85 per cent.
The company nearly sold out its Diwali stock of 85-inch and 100-inch TVs, priced above Rs 2.5 lakh, and sold 300-350 units of 65-inch TVs daily.
Sales at India's largest retailer, Reliance Retail, grew by 20-25 per cent over last year's Navratri, with sales momentum driven by large-screen TVs, smartphones and fashion.
Electronics retail chain Vijay Sales saw sales growth of more than 20 per cent. LG Electronics India also noted "exponential growth" in sales this Navratri season.
The rationalisation of GST slabs and the easing of the tax burden on both essential and aspirational items fostered an environment of confident spending.
