The Confederation of All India Traders (CAIT) is forecasting a robust Raksha Bandhan trade, exceeding ₹12,000 crore across India this year. The organization highlights the significant enthusiasm surrounding the festival, noting a surge in Rakhi shopping across markets nationwide. They encourage consumers to embrace Indian goods and celebrate the occasion with locally made products.
This year, a key trend observed by CAIT is the overwhelming preference for indigenous Rakhis over their Chinese counterparts. The trade body reports that Chinese Rakhis are virtually absent from the market, with consumers opting for traditionally crafted Rakhis made in India. This shift towards indigenous products is a testament to growing consumer awareness and national sentiment.
Praveen Khandelwal, CAIT’s National General Secretary and Member of Parliament from Chandni Chowk, estimates that the Raksha Bandhan business will reach ₹12,000 crore, a notable increase from last year’s ₹10,000 crore. He further highlights the consistent growth in trade over the past several years, indicating a strong market for Rakhi celebrations.
Khandelwal and CAIT’s National President, B.C. Bhartia, emphasize the unique nature of this year’s Rakhi offerings, with a focus on regional specialties. They point to a wide variety of Rakhis made using famous products from different cities across India, showcasing the country’s rich cultural tapestry.
Consumers are drawn to Khadi Rakhis from Nagpur, Sanganeri Art Rakhis from Jaipur, Seed Rakhis from Pune, Woolen Rakhis from Satna in Madhya Pradesh, Bamboo Rakhis made from tribal items, Tea Leaf Rakhis from Assam, Jute Rakhis from Kolkata, Silk Rakhis from Mumbai, Date Rakhis from Kerala, Pearl Rakhis from Kanpur, Madhubani and Maithili Art Rakhis from Bihar, Soft Stone Rakhis from Pondicherry, Flower Rakhis from Bangalore, and more.
Further fueling the demand is the popularity of Rakhis that embody national pride, such as Tricolor Rakhis, Vasudhaiva Kutumbakam Rakhis, Bharat Mata Rakhis. The market also sees strong sales of designer Rakhis and silver Rakhis, reflecting evolving consumer tastes.
CAIT anticipates an extended festive season this year, starting with Raksha Bandhan on August 19th and culminating on November 15th with Tulsi Vivah. This prolonged period of festivities, encompassing Janmashtami, Ganesh Utsav, Navratri, Durga Puja, Dussehra, Karva Chauth, Dhanteras, Diwali, Govardhan Puja, Bhai Dooj, Chhath Puja, and other festivals, is expected to drive a surge in consumer spending. CAIT assures that the business community is well-prepared to meet the anticipated demand, with traders stocking up on a wide range of products to cater to diverse consumer preferences.
