Diwali sales wipe off last year's gloom as consumers splurge

Mumbai: This Diwali is likely to be particularly bright for retailers as a positive sentiment with generous bonuses doled out by employers has led to a voluminous spurt in sales, more than making up for last year's gloom.

Terming this year's festive sales as "bumper", retail czar, Kishore Biyani, said his stores have seen electronic goods fly off the shelf.

"I haven't seen this kind of a Diwali in a long time. We did Rs 75-crore worth of sales in electronics and consumer durables in just a day. We are targeting Rs 500-crore of sales in the week October 15-21," said Future Group Founder and CEO Biyani.

Tata Group company, Infiniti Retail, which runs the electronics megastore Croma, has also witnessed a 30-35 per cent jump in sales.

"Sales have shot up by 30-35 per cent in the last 15 days. There is buoyancy and the sentiment is very positive compared with Diwali last year," Infiniti Retail's Chief Executive Ajit Joshi said.

The company, which runs 37 stores, sold 1,300 digital cameras, 1,170 microwave ovens and 1,100 LCD televisions in a single day in the run-up to the festival, he said.

Korean electronics giant, LG, said it expects LCDs, refrigerators and washing machines to drive 35-40 per cent growth in revenue this Diwali.