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Republic Day Sales Surge: 5-Year Growth Record!
27 Jan
Summary
- Sales saw fastest growth in five years for groceries and electronics.
- GST cuts and early wedding purchases boosted consumer demand significantly.
- Mass market products drove a revival in volume sales across categories.
Republic Day sales recorded their fastest growth in five years, signaling a robust pickup in consumer demand across groceries, electronics, and apparel. This surge was attributed to lower prices resulting from recent Goods and Services Tax (GST) cuts, coupled with early wedding purchases and a strong revival in demand for mass-market products.
Categories such as televisions, washing machines, refrigerators, and apparel saw impressive growth of 15-40%, with mass segments contributing significantly to volume sales. Packaged groceries, including biscuits, also experienced an 8-9% year-on-year rise, boosted by quick commerce. Companies noted that the government's September GST rationalization and earlier income tax reductions have empowered the middle class with greater disposable income.
This Republic Day period, a key consumption phase after the main festive season, witnessed electronic companies reporting substantial growth. Brands like Haier and Godrej Appliances achieved around 40% year-on-year growth, while major electronics retailers saw business surge by up to 28%. Ecommerce platforms also reported a 17% increase in order volumes and a 12% rise in gross merchandise value during their respective sales events.
