The strict lockdown imposed on India had a major impact on the retail industry and the whole country. The retail sale of the liquor was completely shut from March 23, 2020, because of COVID-19, which made a considerable drop in sales. 2020, was indeed a difficult year of the liquor industry. Though sales did try to pick up in the second half of 2020-21 as the Government allowed the opening of the liquor shops but in most states where high COVID-19 cases were witnessed and other taxes after the first wave of the pandemic showed poor recovery.
A ramp-up in the pace and spread of vaccination on a war footing is helping India restrain the impact of the pandemic on the economy. To our surprise, the inflation rate of the Indian economy has decreased from 6%-7% to 5.6% that has turned out to be good news for us.
But, this year from July came up with new hopes for the market and its consumers. The festive season has already kicked off and many states of India have relieved COVID-19 restrictions, allowing markets, retail stores, and shopping malls to finally start operating as in the pre-pandemic period. But COVID-19 has still not ended and hence leaves the retail industry to many questions. Will the ongoing festive season push up the consumption? Is the economic revival quicker than is expected this year? With the COVID-19 vaccination in overdrive mode and threatened third wave yet to make a mark, the consumer is in a buoyant mood. To maintain this momentum, the retail industry is all set to boost its sales to new heights.
The consumers of India are now gearing up to celebrate the most awaited festival season. They are indeed planning some new purchases during upcoming shopping sales for Diwali, Dussehra and Christmas, said the findings of a survey conducted by ad tech firm The Trade Desk and YouGov.
The pandemic did hit the liquor industry badly. This also impacted the revenues of the state government. Now, it’s the time for the revival of the liquor industry. This sector is surely making a comeback and few producers have seen their sales soar higher. The industry is all set to fulfil the demands of the general public and provide them with the zeal of the enjoyment that is required to celebrate a festival. The festive season of Diwali always turns out to be a boon and proves to be a great business booster for the beverages and liquor industry. The industry will undoubtedly observe the hike in liquor sales during the Diwali festive season. To our prediction as Christmas and New Year will approach, many restaurants, along with lounge bars, will lead to a rise in beverages and liquor sales.
The manufacturers of the liquor industry were on hold and so were their plans. But, the festive season has come up with a motivation for them, and the resilience to perform and keep satisfying their customers continues. The spirit & zest to fight against all odds have kept them in good stead. Despite the lockdowns and business slowdowns, they are working to expand to other states. Hopefully, the next year will fall in place and the growth momentum will continue. To maintain this momentum, they all are going out this festive season with some much improved and attractive packaging. There is a drastic increase in consumer spending than last year. An increase in employment and an increase in footfalls is being seen. The plans that were on hold are being executed now. There is going to be a significant rise in sales recovery for liquor businesses as the festive season approaches. Henceforth, allowing smooth operations and making a return to normalcy.
The industry is evolving right from manufacturing standard beers such as strong and lager beer to flavoured and variety beers in line coping up with the trends. For its consumers, the plans are being well-executed and this festive season will be a boon for the industry.