Happy Diwali, buy buy
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The Diwali blockbuster gets bigger every year. Despite the other sales seasons at different periods of the year, the buying frenzy around Diwali is getting more feverish. It is not restricted to the five days around Dhanteras, the traditionally auspicious day for buying goodies. The season more or less continues till the end of the year. It begins in earnest with the onset of October — the traditional puja sales in eastern India.
The sales have now invaded the internet and the big sites are sitting pretty on massive traffic. This is a trend which could reduce footfalls at shopping centres in the ensuing years. It is expected to cross Rs 250 crore according to a report released by the Internet and Mobile Association of India. Government, the public and private sector help the cause by releasing their annual bonus and other allowances for employees at this time. Consumer goods companies zoom in with a clutch of discounts and freebies to make the party last longer. But within the catch-all spree, the fortunes of different sectors like gold and consumer durables often move in different directions. We examine them by turn
Gold: Gold acquires a special allure in Diwali season. Nearly 40 per cent of the country's gold sale happens during the Diwali quarter of the calendar year. Last year, gold sale during the festival was 230 tonnes of the total 715 tonnes of gold sold in 2006-07. This trend is expected to continue. In other words, Rs 30,000 crore is expected to trade on gold during this festive Diwali season. Till September alone gold sale in India had touched 700 tonnes. The World Gold Council (WGC) has predicted a 15 per cent increase in sale this Diwali compared to last year.
"Traditionally, the Diwali season sees one of the largest volumes of gold sales in India. This is mainly due to two reasons: firstly the auspiciousness associated with buying gold on Dhanteras , and second because Diwali comes at the start of the marriage season," affirms Keyur Shah, associate director, WGC.
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