New Delhi, Oct. 6 -- With consumer sentiment getting a major boost from the recent GST rate cuts, total consumer spending during this festive season is expected to be in the range of Rs 12 lakh crore to Rs 14 lakh crore, according to a report by the Bank of Baroda.

The report noted that total consumption spending related to festivals, including marriages, is projected to be between Rs 12 lakh crore and Rs 14 lakh crore.

The key segments that will account for the bulk of this spending include clothing, marriages, electronics, and automobiles. Daily consumption goods, such as food items and other FMCG products, have been excluded from this analysis.

It stated "we estimate a significant boost to consumption in the range of Rs. 12 lakh cro...