Sale of Chinese goods may decline by upto 45% this Diwali as Indians likely to buy ‘local’
Domestic manufacturers may gain handsomely this Diwali as sale of Chinese goods like crackers, lamps, lights, gift items and toys is expected to decline by upto 45 percent since buyers are likely to opt for local products.
Incidentally, Chinese products had also recorded a 30 percent decline in sales last year on Diwali which, experts say, can be attributed to the seismic shift in consumer sentiment brought on by the strained relations between the two Asian giants.
A survey by Assocham-Social Development Foundation mapped responses of wholesalers, retailers and traders to estimate the demand for Chinese products across India.
The survey was carried out in cities like Mumbai, Ahmedabad, Bengaluru, Bhopal, Chennai, Dehradun, Delhi, Hyderabad, Jaipur and Lucknow.
“There seems to be a decline of about 40-45 percent in consumption of Chinese products on this Diwali in comparison to last year. Chinese items that are most sought fancy lights, lampshades, Ganesha and Laxmi idols, rangolis and crackers etc. As per the findings, this Diwali, people are preferring Indian products over Chinese goods,” Assocham said.
According to the survey, the demand of electronic items like LCDs, mobile phones and other items made in China has also declined by 15-20 percent.
Shopkeepers who took part in the survey said most of the customers are demanding Indian lights or traditional earthen diyas.
According to one estimate, the value of Chinese goods sold in 2016 during Diwali was around Rs 6,500 crore, out of which Rs 4,000 crore was for products such as fancy lights, plastic wares, toys, gift items, decorative goods etc.
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