The Confederation of All India Traders (CAIT) announced on Sunday that the Rakhi festival is expected to generate trade exceeding Rs 12,000 crore nationwide. The trade body reported a surge in market activity and enthusiasm as consumers engage in Rakhi shopping.
CAIT emphasized a shift in consumer preference towards indigenous Rakhis, with no demand or presence of Chinese Rakhis this year. Praveen Khandelwal, CAIT’s National General Secretary and MP from Chandni Chowk, highlighted that the festival’s trade volume is anticipated to surpass last year’s Rs 10,000 crore, a significant increase from previous years’ figures.
Khandelwal noted that business figures for past Rakhi festivals have steadily risen: Rs 7,000 crore in 2022, Rs 6,000 crore in 2021, Rs 5,000 crore in 2020, Rs 3,500 crore in 2019, and Rs 3,000 crore in 2018.
B.C. Bhartia, CAIT’s National President, added that this year’s Rakhis feature unique designs inspired by products from various Indian cities. Notable examples include Khadi Rakhis from Nagpur, Sanganeri Art Rakhis from Jaipur, and Tea Leaf Rakhis from Assam. The festival is also seeing high demand for Rakhis that symbolize national pride, such as Tricolor and Bharat Mata Rakhis.
Additionally, designer and silver Rakhis are performing well in the market. CAIT projects total festive sales to exceed Rs 4 lakh crore due to the extended celebration period from August 19 to November 15, encompassing Raksha Bandhan, Janmashtami, Ganesh Utsav, Navratri, and other festivals concluding with Tulsi Vivah.
The CAIT assured that the business community is well-prepared to meet consumer demands with ample stock available for the upcoming festive season.