Diwali 2020: Between the Corona epidemic and the economic slowdown, this time Diwali and Dhanteras have been seen in the markets. Except for the cracker market, it has decreased slightly compared to last year. Please tell that this year it was feared that the market would suffer a lot. The biggest reason for this was that due to the Corona epidemic, the markets had been dull for some time and there was a constant boom in the price of gold and silver. Talking about this year, the auto market was buzzing. Apart from gold and silver, there was a good purchase in the utensil market.
Chinese products also sold
This time, during the festive season, there was a boycott among the people about the Chinese product, but they also sold well. VK Bansal, National General Secretary of the Federation of All India Trade Chambers, believes that Chinese products were present and sold in the market this year. The goods festive season of about 50 thousand crores from China comes from Navratri to Christmas. But there was a difference compared to last year. If boycott continues to be the trend, China may have to suffer big losses by next Diwali.
Damage to cracker traders
In view of the damage to the corona and the environment this year, cracker traders have suffered a lot due to partial or complete ban. According to Maheshwar, a Jama Masjid firecracker merchant and owner of Maheshwari firecrackers, there is a possibility of loss of about 500 crores only in Delhi-NCR. In Shimoga, Karnataka, this time, due to Corona virus, cracker traders are being harmed. Cracker traders say that only 25-30% of the trade has taken place this year.
Also read- Pollution and Corona give a big blow to the firecracker industry
Vehicle sales rose
Compared to the festive season last year, this time the sales of vehicles on Dhanteras have also increased. Talking about Toyota Kirloskar, its sales have increased 12 percent this year compared to Dhanteras last year.
Trend changed in sale of jewelry and utensils
This time in the festive season, there were apprehensions that the Korana epidemic and the economic slowdown would be affected. The Corona epidemic did not have much effect because people continued to shop with safety, but the economic slowdown definitely showed its impact. Because of this, a new trend was seen in people’s shopping. Talking about jewelry, people preferred light jewelry more, such as taking 8 gram necklace instead of 10 gram necklace. Similarly, when talking about utensils, this time people liked storage utensils more. Storage utensils means such utensils that can store ration for some time. According to Bansal, up to 70 per cent of the business was done in the market this time compared to last year.
Gold and silver markets are buzzing
According to the Indian Boolean and Jewelers Association (IBJA), 30 tonnes of gold were sold on Dhanteras last year. Contrary to expectations, this time its sales have increased. Before the festive season, it was feared that this time the sale of gold could be reduced. Balaram Garg, MD of PC Jewelers also had feared before the festive season that there could be up to 75-80 per cent of business this time, but during the festival customers made a lot of purchases.
This time the price compared to Dhanteras last year
In November, gold prices rose to Rs 50,520 per ten grams and silver to Rs 63,044 per kg, compared to Dhanteras last year. Last year, gold was at Rs 28,923 per ten grams and silver at Rs 46,491 per kg on Dhanteras.