Lucknow: On the day of Dhanteras, the market in Lucknow city which was dull till noon on Tuesday, returned to its glory by evening. Despite inflation, there was a lot of money flowing into the market. As soon as the auspicious time arrived on Tuesday, crowds of customers reached the market for shopping. Despite crossing Rs 80 thousand/10 grams, the sale of gold was not affected. In fact, an increase of Rs 30 crore was recorded in the bullion business. Apart from this, automobiles, real estate and electronic goods were also sold well. Even though the festival fell at the end of the month, people made a lot of purchases due to the salary coming before a certain date. This time in Lucknow, purchases worth Rs 3613 crore were made on Dhanteras, which is Rs 313 crore more than last year. This time on Dhanteras, Vocal for Local was seen dominating the market. Among fringes, people were especially seen avoiding Chinese fringes. The reason was that such fringes get spoiled quickly.
Traders have got a booster dose due to the boom in business in the market before Diwali. To deal with the rise in gold prices, jewelers had already kept light weight jewelery stock ready. Light weight Mangalsutra, ring, necklace, anklets and other ornaments were sold, while Lakshmi-Ganesh idols made of silver were also sold heavily. Last year, there was a turnover of about Rs 480 crore in the bullion market on Dhanteras.
This time an increase of Rs 30 crore was recorded. Similarly, in the automobile sector too, growth was recorded in the sales of two-wheeler and four-wheeler. The special thing was that most of the customers gave importance to EV. According to RTO, 112 EV cars were sold, while among two-wheelers, high mileage bikes dominated.
Apart from this, business worth Rs 430 crore was done in real estate. The registry office remained open till late night. Besides, electronic gadgets, utensils, readymade garments, crackers, mobile phones and sweets were also sold in large numbers.
If there is money in hand then why inflation?
Businessmen say that festivals like Dhanteras and Diwali fell on the last date of the month, but salaries have been distributed to employees and officers in private as well as government sectors. Some companies have also given bonus to the employees along with salary, the effect of which was seen in the form of rain of money in the market.
Sector turnover (Rs crore)
- Automobile 1,480
- Four-wheeler Rs 930 crore
- Two-wheeler Rs 550 crore
- bullion 510 crores
- gold 400 crores
- silver 110 crores
- Real estate 430 crores
- flat 210 crores
- Plot, house-220 crores
- electronic 290 crores
- Utensils-crockery 200 crores
- cloth 240 crores
- Dry fruits, sweets 185 crores
- Firecrackers 45 crores
- mobile 155 crores
- Furniture 11 crores
- decoration material 55 crores
- gift pack 12 crores
Total Rs 3613 crore (approx)
Interview between Time.news Editor and Market Expert
Editor: Good afternoon, and thank you for joining us today to discuss the significant commercial activity we observed in Lucknow on Dhanteras. It seems like the market experienced a resurgence, particularly after a sluggish start earlier in the day. Can you share your insights on what might have contributed to this change?
Expert: Good afternoon! Absolutely, it’s exciting to see such a vibrant market atmosphere, especially during Dhanteras, which is a key purchasing festival in India. The shift from a dull morning to bustling evening activity can largely be attributed to consumer sentiment and timing. The auspicious timing for shopping typically draws crowds, and this year, it coincided perfectly with the paydays for many consumers.
Editor: That’s interesting! Despite inflationary pressures and gold prices crossing Rs 80,000 per 10 grams, we still saw a remarkable increase in the bullion market. Can you explain how consumers are navigating these high prices?
Expert: Certainly. Even with rising gold prices, the cultural significance of buying gold during Dhanteras cannot be understated. This year, we saw about Rs 3613 crore worth of purchases, up by Rs 313 crore from last year, which indicates a strong commitment to tradition. Jewelers prepared for this by stocking lightweight jewelry, appealing to customers who may be more price-sensitive but still want to partake in the festivities.
Editor: That’s a savvy move by the jewelers! What about the other sectors? We’ve noted that automobiles, real estate, and electronics also performed well. How do you interpret this broad-based consumer spending?
Expert: The growth across sectors speaks to a resurgence of consumer confidence. It’s not only about gold; people are more willing to invest in durable goods as well. The improved business sentiment before Diwali and people’s willingness to spend despite the festive season falling at the end of the month reflects a shift back to more optimistic spending habits, potentially fueled by recent salary disbursements.
Editor: That’s a crucial point. It’s also worth noting the noticeable trend towards supporting local businesses, with many consumers choosing “Vocal for Local” items over Chinese goods due to concerns over quality. How significant is this trend for emerging businesses?
Expert: The preference for local products over imported alternatives is significant, especially in a festive context. It doesn’t just enhance local economies but also encourages the growth of artisans and small businesses. This year’s avoidance of Chinese goods due to quality concerns indicates that consumers are becoming more discerning and are likely prioritizing longevity and craftsmanship, which bodes well for local manufacturers.
Editor: It seems that not only does this festival provide a boost to the economy, but it also fosters a sense of community and resilience among local businesses. Lastly, with such robust growth in Lucknow, what are your expectations for the overall market as we approach the Diwali season?
Expert: Given the upward trend we’ve seen this Dhanteras, I expect a continuation of this momentum as we move into Diwali. If the current consumer confidence is sustained, we could see record-breaking sales across multiple sectors. The challenge will be managing supply chains, particularly for local artisans who might struggle to keep up with increased demand. However, this presents a key opportunity for collaboration and innovation moving forward.
Editor: Thank you for your insights! It seems that this Dhanteras not only celebrated tradition but also ignited a positive economic outlook. We look forward to seeing how these trends develop as we head closer to Diwali.
Expert: Thank you for having me! It’s been a pleasure discussing these important market dynamics.