This year however, unlike previous years, the streets of Goa are not crowded with people buying household items, electrical goods, clothes and other goodies. No one was willing to come on record and admit that the market is down and their till boxes are not jiggling with money.
White goods
The white goods industry which usually looks forward to the festival season does not seem to have much to cheer about with sales having not shown any increase in the run up to the festival season. A retailer of white goods with outlets in Panjim and Mapusa said that people were not yet coming in the numbers like in the past. He said “ Well the economy in the state is in a depression for some time now so this is not surprising however if past indications are anything to go by then there will be an increase in sales in the final two days leading to Diwali”. Another retailer in Panjim said that the companies would unveil their final discounts two days prior to Diwali which are quite substantial. This retailer said “It will be difficult to step into my store because of the crowds that will come in to buy LED televisions, refrigerators and air conditioners. All white goods manufacturers prepare for this season and generate a large percentage of their sales during this period”.
Gold
Gold is intrinsic to our culture and buying gold is considered essential. One has to also consider that the cost of gold has dropped due to a decrease in demand. I think it was a blip on the market and Indians as a whole will go back to buying Gold. It is a safe bet as far as investments are concerned”. According to one jeweller business during Diwali usually goes up by 70-80% and given that the wedding season has commenced sales would certainly increase.
Automobiles
Several families either buy their first car ahead of Diwali or replace the old family jalopy for a new one. Maruti is a favourite in the state clocking the highest figures given the number of outlets though brands like Ford will also be a favourite with certain sections. The mining ban resulted in fall in purchases of luxury cars such as Mercedes Benz, BMW and Audi. Sadly perhaps the festival season may not mean much excitement to luxury car segment.
Perhaps it will be the fervent wish of all retailers that Goddess Lakshmi bestow her blessings on all of them so that this period of time will perhaps be the start of the turnaround for them as well as the state’s economy.
