Riding on the bumper sale of gold jewellery on Dhanteras, Diwali will have a business of over Rs one lakh crore, traders have estimated.
The Confederation of All India Traders (CAIT) also estimated that by the end of this year, there will be an infusion of about three lakh crore by way of spending by consumers.
According to Praveen Khandelwal, Secretary General of CAIT, all businesses during Diwali are expected to cross over Rs one lakh crore this year. By December end, it may cross over Rs three lakh crore after the recovery of economy and people started spending after two years of COVID fatigue. “Bazaars are crowded and packed, Petrol and diesel sales have crossed pre covid level,” he added.
According to an estimate, the packaging business this Diwali has been worth about 15000-20,000 crores.
There has been a lot of demand for packaging paper and many types of ribbons and other decorative items to make it attractive.
Other estimates showed potters must have made about Rs 500-800 crore through sale of earthen lamps across the country this year. Overall, the business estimate of traditional goods is about 30000-40,000 crores. Small artisans from small towns to big cities have received robust growth.
According to the India Bullion and Jewellers Association (IBJA) the sale of gold on Dhanteras across the country this year was about 50 tonnes, valued at over Rs 20,000 crore. As per IBJA, in Dhanteras 2021, gold sales are expected to be around Rs 20,000 crore, while it was Rs 12,000 crore in 2019.
In another trade data by the CAIT, around 20-25 tonnes of gold jewellery were sold across the country on Dhanteras which includes an estimated sale of Rs.1000 crore in Delhi, about 1500 crore in Maharashtra, about 600 crores in UP and in South India about 2000 crores beside other states of the country. Gold was almost 6% almost cheaper than it was during Dhanteras last year, encouraging people to buy the precious metal.
Besides, traditional spending during Diwali, travel platforms, homestay brands, hotels and resorts have all witnessed a dramatic spike in demand this week, indicating a shift in consumer behaviour with the pandemic bringing about 'strong' reality checks.