Hindi NewsBusinessFestive Season Starts From Today : This Time 70% People Will Spend More Than Last Year, Rs 3.2 Lakh Crore Was Spent In 2022
New Delhi18 minutes ago
There will be more sales of luxury products, clothes, gold and houses in the festive season starting from today. According to global tech firm The Trade Desk, 70% of Indians are ready to increase spending. There are 35% more such people than last year. The reason for this enthusiasm is that the financial condition of 53% of the people surveyed has improved.
According to professional services network Deloitte and strategy consulting firm RedSeer, consumers spent Rs 3.2 lakh crore in the 45-day festival season last year. This year this figure may increase by about 25% and exceed Rs 4 lakh crore. This is 60% more than before Covid. Rs 2.5 lakh crore was spent on the festivals of 2019.
Jewellery: Excitement as gold becomes cheaper
Since May this year, the price of gold has fallen by 20-25% to Rs 59,000 per 10 grams. Jatin Trivedi, VP (Research), LKP Securities, said that the demand for physical gold increases every year during festivals. This year, gold has also become cheaper before the festivals. Due to this, the purchase of gold will increase not only for jewelery but also for investment.
Real Estate: Millennials are increasing the demand for houses
According to Kanika Gupta Shourie, Founder and COO of Square Yards, the demand for new homes is increasing. Ownership among Millennials (27-42 year olds) is increasing. Some people now want to shift to a bigger house.
Apparel: Situation has improved since August, sales may increase by 10%
According to Rahul Mehta, Chief Mentor of Clothing Manufacturers Association of India, sales during festivals will be at least 10% more than last year. There was a reduction in non-essential expenses till a few months ago, but the situation has improved since August.
Automobile: Demand for SUVs will be highest
Vinod Aggarwal, President of SIAM, an organization of automobile companies, said that the enthusiasm for car sales in August has increased. We feel that sales will increase further during festivals. The demand for SUVs is the highest.
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