Indian holiday market is set to be hit by a sharp spike

Indian holiday market is set to be hit by a sharp spike

July 5, 2021 Comments Off on Indian holiday market is set to be hit by a sharp spike By admin

Indian holiday sales on Thursday hit their highest level since November 2016 as the country gears up for its national holiday this year, according to data compiled by a leading jewellery company.

The Indian holiday markets witnessed their highest ever year-on-year growth last year, with the total number of sales up 20 per cent to $3.4 billion.

The holiday market witnessed an average annual growth of 11 per cent during the holiday period, said the Retail Federation of India (RFII).

“The annual growth in 2017 is the highest ever for this sector and is an important milestone in the journey to ensure that holiday sales can be robustly sustained,” said RFII president, Amitabh Kant.

The annual sales growth for the year 2017 is more than 50 per cent higher than the same period last year.

The RFII estimates the growth for 2017 will reach around $9 billion.

“The holiday season is a key driver for the economy and we expect the holiday market to become a key growth driver in the next year,” said Amitabhlikant Bhattacharya, managing director, Consumer Finance at KPMG India.

The growth in holiday sales has been the fastest growth since the beginning of this year.

Last year, the holiday markets revenue grew at an annualised rate of 14 per cent.

The festive season is also seen as a time for investment, as it offers a good opportunity for investors to make a profit on their investments.

The festive period also provides a good period to boost the earnings of businesses and their employees.

Last year, in the first quarter, holiday sales hit $1.8 billion, while the annual growth rate in the sector was 21 per cent, according the data.