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Corporate India cuts gifting budget by 35-40 pc this Diwali
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SME Times News Bureau | 18 Oct, 2017
Concerned about slowdown and pressure on balance sheets, corporate India
is going slow on Diwali gifts to its associates, networked partners and
others, slashing the budget by at least 35-40 per cent, an Assocham
survey said on Wednesday.
The reduction in gifts is more for
outside connects than employees who are more or less receiving their
annual gesture from their employers, the survey said.
However, it
added that there has been certainly a downward impact on the bonus
payments, with several corporates reeling under debt and cutting costs
in their overall operations.
Besides, jerks arising out of
demonetisation and the roll out issues of the Goods and Services Tax
(GST) too have affected the overall sentiment.
"Consequent to
slowdown in the Diwali gift sale, the FMCG companies which generally bet
high on festive sales in the business of chocolates, cookies, sweets
are reporting less than normal sales," said D.S. Rawat, Secretary
General, Assocham.
"Similar is the case with consumer durable
firms engaged in washing machines, refrigerators, cooking ovens,
electric stoves and other such items. Even the festive sale of high-end
smartphones seems to have taken a hit," Rawat said.
"The survey
endorses the general low key mood of the industry and trade with the
considerable trimming of the festive budget," he said.
The
chamber had conducted a telephonic survey of 758 companies across tier
I, II and III cities - Ahmedabad, Bengaluru, Chennai, Delhi-NCR,
Hyderabad, Jaipur, Kolkata, Lucknow and Mumbai in the run-up to Diwali.
Online
shopping vouchers, cash rewards, gift cards, dry fruits,
chocolate/bakery (cake and biscuits) items, wearable devices like
fitness tracker and others were top choices as Diwali gifts for both
employees and clients, said most of the company representatives.
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