On payday's heels, Diwali to empty your wallets this year
With the beginning of the festival of lights coinciding with salary day, city traders expecting boom in spending
With Diwali falling in the beginning of the month, city traders are expecting a huge rush prior to the D-day, as salary accounts will be credited on the first day of the month. Presently, the bustling bazaars are wearing a deserted look with people already using up most of their wages.
Knowing fully well that most buyers will be receiving their salaries on November 1, traders are gearing up to attract them by offering huge discounts, starting from next week. “Presently, we are getting a very low response from the people. Sales of commonly gifted food items like fruits, chocolates and dry fruits are subdued. Besides the demand for essential commodities like ghee, sugar and pulses is also very modest.
We expect a surge in demand for these items on the first day of next month when families will have their salaries in their hands,” Ajit Setiya, president of Poona Merchant Chambers,. Diwali was a low-key affair last year, and much of the slump was attributed to the festival of lights falling in the end of the month, restricting people from splurging on festive shopping.
Not only food items, but also the gold and cloth market is expected to be thriving next week. “The buying activity would increase by around 70 per cent on the first day of November. It is not due to Dhanteras, the day considered auspicious to purchase gold, but people will rush to purchase gold after receiving salaries,” said Fatehchand Ranka, treasurer of Pune Traders Federation (PTF).
The increasing trend of buying readymade garments will also see a surge, with shoppers waiting till the last minute. “At present, customers are not keen to buy clothes. However, the numbers will rise after October 31. Considering this, we are also encouraging them by offering good offers on garments,” said the President of Pune Traders’ Association, Popatlal Oswal.
Last minute shopper
Software professional Alok Sharma said he prefers buying readymade clothes. “From clothes to jewellery, nowadays everything can be bought at the last moment. So why borrow from friends or relatives to buy the commodities right now? Instead, I will shell out money from my own pocket when my account gets credited with my salary on November 1.”
Tips for safe Diwali
The Dos :
— Before bursting fire crackers, look for an open space and ensure there are no combustible and inflammatory things around. If you find any, remove them at once
— Always buy fireworks from licensed and reliable sellers
— Keep small children away from the crackers
— Wear footwear while lighting fireworks
— Light only one firework at a time, by one person