Karan Patheja, New Delhi: The festive season all across the country is on in full swing and the corporate tussle to have a piece of your purse is on as well.

The newspapers across the country are full of discounts and promotions on the first day of Navratri.

All this to lure the consumer into a honey trap of the new Indian retail phenomenon and why not - according to the industry estimates more 30 per cent of inventory clearance takes place during the festive season.

But if you thought it was just inventory clearance, think again. As shoppers go full steam during Navratri and Diwali, companies either launch themselves or come up with a new range of products during this period.

But this year, they struck on the first day itself. Consumer electronics giant Panasonic launched it's high definition camera and camcorder range Lumix.

On the same day British lifestyle retailer Debenhams opened its first store in India, and another British brand Marks & Spencers opened its biggest store in India.

US based luxury cosmetic company Susan's also choose to launch its new range on same day.

From product launches to product discounts, the market is geared up for the festive season and from local brands to even foreign multinationals, they are all aware, that it's that time of the year when you'll channel all your saving to splurging.