Good news my friends. Our campaign is reaping benefits. The Confederation of All India Traders (CAIT), a powerful lobby of traders and merchants have said that Chinese goods suffered a massive dip of 60% in overall sales this Diwali. Not only crackers but electronics gadgets and lighting devices made in China have experienced reduced sales this festive season.
The announcement from CAIT holds significance, considering that the data was collected from the top 20 Indian cities which includes Delhi, Mumbai, Nagpur, Jaipur, Ahmedabad, Kanpur and Bhopal. Hence, the dip in Chinese goods’ sale is a pan-India phenomenon, and not some local incident.
Meanwhile, due to 4-fold increase in labor costs since last 20 years, rising cost of raw materials, and anti-Chinese campaigns in countries like India, there is a good possibility that prices of ‘Made in China’ products may rise substantially in the coming days.
Bloomberg interviewed several experienced traders, manufacturers, and concluded that price rise is now inevitable due to several factors. Hence, ‘Made in China’, which was synonymous to low cost, cheap products may not be so in the coming days.
