As the festival season unfolds, excitement fills the air, and wallets begin to loosen. With Dussehra behind us, all eyes are now on Diwali. Historically a time for celebratory purchases, this year raises questions: Will the electronic, jewellery, and automobile industries thrive, or will they face challenges?
Electronics outlets are struggling
In the electronic sector, the atmosphere is charged with anticipation. Rajesh Dharmati, an employee at Essential Electronics in Panjim, noted that although companies have rolled out enticing offers on refrigerators and televisions, sales have yet to take off. “Business has dropped by 30 per cent,” he admitted, “but I expect a surge during Diwali.” He anticipates that customers will flock to stores next week, coinciding with month-end paydays.
However, Alan D’Costa from Margao Electronics expressed a more cautious outlook. “Business is slow, and I don’t know where the customers will come from,” he said. With online sales gaining traction, many shoppers are comparing prices and features before making purchases. “It’s a challenging environment,” he added.
However, some retailers remain optimistic. Sanket Naik of Dayajivani Electronics believes the tide will turn as students complete their exams. “Parents are hesitant to shop without their kids, but I expect a spike in purchases for televisions and fridges soon,” he said, highlighting attractive offers that could drive sales.
Automotive Industry’s Mixed Signals
The automobile sector, traditionally buoyant during the festive season, appears to be treading carefully this year. Mandar Fatde, GM at Kia, reported a promising Dussehra but noted a slowdown leading into Diwali. “In Goa, the demand isn’t as high as in North India,” he remarked, predicting around 135 sales this month.
Sunny Naik from Nexa echoed these sentiments, stating that while sales haven’t started yet, he expects a decent performance by month-end. Shrikrishna Zambodker, GM of Hyundai, anticipated around 150 cars sold, suggesting stagnation in growth. “Last month saw many advance bookings,” he noted, reflecting a cautious optimism for the future.
Mangesh from Mercedes candidly acknowledged that Diwali doesn’t typically spark strong sales for luxury vehicles, expecting business to remain steady.
A Dazzling Future for Jewellery
In stark contrast, the jewellery market is poised for a good season. Selevn, a counter sales executive at Blue Stone Jewellery, expressed confidence in sales driven by rings and earrings, predicting an uptick compared to last Diwali. Hansraj Doshi of Mia by Tanishq reinforced this positivity, stating, “Business is already over 20 percent higher than last month,” attributing growth to popular items like earrings, necklaces, and bangles.
Even the imitation jewellery market is thriving. Suraj Karekar from Surya Jeweller, specializing in one-gram gold, acknowledged a dip in business last year but remains optimistic for this Diwali. “There are plenty of queries, and I expect many to convert to sales,” he said.
Ranjeet Oak from PNG Exclusive took a more tempered approach, noting that while higher gold prices may deter some buyers, he expects business to mirror last year’s performance. He highlighted bangles, mangalsutras, and necklaces as the main drivers of sales.
Devdas Dhanavde, manager at Vaman Haridas Pethe, underscored the emotional aspect of jewellery buying during Diwali. “Despite rising prices, we expect a 50 percent increase in sales,” he said. He believes the traditional sentiment associated with gold purchases during this festival will drive consumers to make purchases.
All that shines this festive season
As the festival season unfolds, jewellery stands out as a beacon of resilience amidst economic uncertainties. While electronics and automobiles grapple with a shifting market, the allure of gold and gems remains strong. For many in the jewellery industry, this season could lead to profitable outcomes, proving once again that when it comes to tradition, the sparkle of jewellery is hard to resist. As Diwali approaches, it seems some will indeed be singing all the way to the bank.