Jamshedpur: Market in various sectors such as garments, footwear, home interior and kitchen equipment hope for revival in business with the celebration season starting next month.
Although the pandemic is still not over, compared to last year the situation has increased because the country witnesses swimming in cases that encourage the state government to open almost every sector.
Based on the initial trend of celebration shopping in Jamshedpur (East Singhbhum), traders believe that this celebration season will bring money to the market and increase sales in the previous year.
“With most companies announcing annual bonuses and the government relieves regulatory guidelines, people have begun to arrive at the market.
The next two weeks will see an increase in footsteps and hopefully in sales,” said the owner of the Electronic Store Raja Singh.
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Traders say that people prefer to buy clothes, footwear, household interiors / decoration items and kitchen utensils mostly around Durga Puja.
“Vehicles, ornaments, electronic goods, cellphones, plots, houses, apartment bookings are made during Diwali, the sales trend in recent years shows so,” said loan advisors at HDFC Bank, Shailesh Tiawary.
“This is an early trend, but self-confidence is building.
At least, the government has allowed the market to open compliance with Covid-19 guidelines,” said Avtar Singh, who owned the shop in Jugsalai.
Mohammed IMTiaz foot shop owner said: “The company has provided an annual bonus last year but because of the pandemic, the market is regulated tightly and people also prefer to save money because of difficult times therefore sales during puja durga are not too profitable.” Market experts say Rs 250 Crore, in general, are given to employees in the form of annual bonuses, where 40 percent go to the market in the form of festive sales.
“Jamshedpur and Adityapur are industrial cities where the population consists mostly of company employees but there are government employees and business families who also make good purchases in the celebration season,” said Confederation of all Indian traders, (CAIT), National Secretary, Suresh Santhalia.
Large companies such as Tata Steel, Tata Motors, Tinplate has announced annual bonuses, while SMEs in the Industrial City Adityapur continues to announce annual bonuses.
“Because of the moderate income in the working year of 2020-21, the bonus in some enhancers will be mediocre this year,” said 40-year SK Sarkar, an additional worker.
The Chamber of Commerce and President of the Singhbhum Industry chose, Vijay Anand Moonka, said that with the growth of e-commerce, the local shop owner was very waiting for the festive season to blend in sales.