Dhanteras is an auspicious Indian festival that marks the beginning of the much-awaited celebration — Diwali. The day is known to worship Lord Kuber, the god of wealth, and Dhanvantari, the god of health. For Indians, the festival is synonymous with purchasing valuable assets like gold, silver, electronics, automobiles, etc. Needless to say, other than cultural significance, the day holds an immense financial value for the Indian economy. Let’s explore how Dhanteras boosts economic activity and serves as a catalyst for various sectors.
Gold and Silver Industry
The purchase of gold and silver is the highlight of Dhanteras. Families across the country consider it auspicious to buy gold or silver items. As a matter of fact, some jewelry stores witness up to 40% of their yearly revenue during this period. This annual surge in demand plays a key role in the bullion market. Also, as India is one of the largest importers of gold, it impacts international markets as well, impacting import-export dynamics.
Retail Sector
Apart from gold and silver, people also buy new household items, gadgets, and appliances as these purchases are believed to bring prosperity. Even retailers offer catchy offers & discounts, luring customers to buy anything from kitchenware to electronics. Moreover, all brands, major or minor introduce special product lines and marketing campaigns targeted at festive shoppers, leading to higher sales and more consumer spending.
Automobile Industry
Dhanteras is also a preferred day to purchase automobiles. Many Indian families wait for this occasion throughout the year to buy cars, bikes, or commercial vehicles. The reason is companies launch new models and offer lucrative deals and financing options. According to industry estimates, sales during this period can spike by up to 25% compared to regular months.
Financial Services
As Dhanteras is related to wealth, it is a significant time for investments. Individuals look at mutual funds, fixed deposits, and stocks as avenues to grow wealth. In fact, several financial institutions offer special schemes or attractive interest rates to encourage more customers to invest. Additionally, the season also gives a seasonal boost to banks as people get encouraged to use credit cards.
Small and Medium Scale Enterprises
Multiple small and medium-scale businesses get a chance to grow during Dhanteras and the festive season. Since many consumers look for unique and customized items, small businesses receive orders for traditional products. Hence, artisans, handicraft makers, and other manufacturers see a rise in product demand. Above all, this supports the “Make in India” movement by promoting local crafts and businesses.
E-Commerce Boost
With the rise of the digital world, several consumers have shifted to online shopping platforms. The convenience of skipping the market rush and timely home delivery is one of the reasons. Furthermore, every online platform runs massive sales and no-cost EMI options, offering lucrative discounts and boosting online sales. This also gives a chance to small businesses to reach a larger audience from the comfort of their homes.
There‘s More…
Dhanteras, with its strong shopping and investment traditions, significantly influences multiple sectors of the Indian economy. Beyond shopping, areas such as real estate and logistics also play crucial roles. Additionally, heightened activity across these sectors often leads to a temporary increase in staffing to meet rising demand, providing a short-term boost in employment. Each of these factors contributes to driving economic growth, solidifying Dhanteras as one of India’s most economically impactful festivals.
