Market could witness a dip of 20-30% in paint sale
Nagpur: Though Monsoon arrived late this year, but the intensity of downpour and the thunderstorm it brought along for longer period wreaked havoc in many parts across the country. While many cities are still inundated by one of the nature’s blitzing force, the Orange City has been facing crisis on a different front. City paint industry is likely to witness drop of 20-30% in its business share this festive season, owing to prolonged Monsoon spell, predict experts.
Renovation of houses/bungalows during the festive season is a part of Indian tradition. This season is significant by means of all aspects to the paint dealers, vendors and distributers; hence they start preparations from August. The Nagpur division witnesses sale of paints to the tune of around Rs 100 crore during the festive season. However, this year market is observing tremendous slowdown due to prolonged rainy season. As a result the market could witness a dip of 20-30% in paint sale, says Moiz Hakim, owner of Hakimi Paints.
Recalling the last year’s scenario, Hakim says, if you would have come here on October 2, 2018, you would have hardly got a chance to stand on the floor. “This year, the Monsoon has washed all the colours of paint vendors across the district. At a time where GDP is struggling, such circumstances could prove severe for all. While big players could manage to secure their profit by using their ideal options and regular customers, the small vendors are in for big trouble this season.”
“The vendors generally fill the stocks in August and likely to liquefy it, in the month of October and November to pay the dealers and distributors. However, the sell slowdown is likely to take a hit on this circle this year affecting the entire paint sector across the country. For many vendors the preparations for next year market relays on the profit of festive season. If such scenario continues, many wound face bankruptcy,” asserted Hakim.
– Shubham Nagdeve
