Retailers in India bank on Diwali to open wallets
MUMBAI (AFP) - Indian retailers hope to boost disappointing consumer spending with a frenzy of special offers during this week's Diwali festival, led by automakers crowding the market with nearly 20 new cars.
Diwali, the Hindu festival of lights, has always been an auspicious time to splurge, sparking an annual race between retailers to provide the most attractive offers.
But in this year's flagging economy, overcoming consumers' trepidation may prove to be a difficult task.
"I haven't seen so many product launches in a short span of days ever," said Mr Ankur Bisen, vice-president in retail with Technopak, an Indian consultancy firm.