GST 2.0 Ignites Festive Sales Boom in Auto and Appliance Sectors
The implementation of GST 2.0 has brightened consumer sentiments, leading to record sales for car makers and consumer electronics manufacturers at the start of the festive season. Tata Motors and Maruti Suzuki recorded impressive sales figures early in the season, highlighting renewed consumer enthusiasm.
- Country:
- India
The recent rollout of GST 2.0 has sparked a significant uptick in sales for both car manufacturers and consumer electronics firms, with the festive season kicking off to a promising start. A surge in consumer interest is evident, with Tata Motors reporting around 10,000 vehicle sales on the first day of Navratri.
Maruti Suzuki followed suit, recording sales of approximately 30,000 units, while Hyundai reported its most successful single-day performance in years. Industry leaders like Vigneshwar, president of FADA, express optimism about sustained growth, attributing it to reduced GST rates and special festive offers.
In the consumer durables sector, companies like Vijay Sales and Panasonic have noted a marked increase in activity. Panasonic's AC sales surged with the GST reduction from 28% to 18%. Retailers anticipate this momentum will continue, supported by positive consumer sentiment and greater spending flexibility.
(With inputs from agencies.)
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