Diwali 2012 in India – Interesting facts

13 Nov

Diwali 2012 - GreetingAs per a survey undertaken by Assocham-Social Development Foundation (ASDF) in the major cities like Delhi-NCR, Mumbai, Bangalore, Kolkata, Chennai, Ahmedabad, Hyderabd, Pune, Chandigarh etc, it was found that demand of Diwali cards have gone down by over 70% in the last 5 years. Earlier, the postal department used to handle about 8,000 post cards and greeting cards per day during Diwali but now the numbers have come down to about 500 cards per day. Only those having near and dear ones abroad are sending greeting cards. Also the corporate sectors and politicians prefer greeting cards to wish others these days.

Diwali spending of India Inc. has also taken a hit. A survey conducted by Associated Chambers of Commerce and Industry of India(ASSOCHAM) has revealed that spending on Diwali has witnessed a fall in 2012. Survey findings pointed at the trend wherein one in every three corporate has decided to let go of Diwali gift exchanging ritual this year. In 2009, India Inc. spent 2000 crores on Diwali with the spending seeing an increase in 2010 to 3200 crores. However in 2011 this spending saw a downfall of 11 percent and this year it has been cut by almost 50 percent, coming out to be roughly at 1450 crores.

According to a report by e-commerce platform for small businesses, Alibaba.com, searches for fireworks and firecrackers saw the biggest decline at 32 per cent. The Alibaba.com report added that during the festive season India has emerged as the second largest supplier market after China and fifth largest buyer market worldwide for Diwali related products.The US is the top buyer market for Indian suppliers constituting 23 per cent of inquiries. Indian manufacturers also supply locally with the country being the second biggest buyer market with 17 per cent, followed by the UK at 8 per cent of inquiries

Diwali 2012 shopping market is lead by automakers who have launched nearly 20 new cars this year. Cars, luxury jewellery, watches, tablets, iPads, iPhones even Microsoft’s Windows 8, retailers are trying new product launches to attract consumers this year.

State Bank of India, the country’s largest commercial bank, has cut its processing fee on home and auto loans by half, for loans borrowed between mid-October to the end of the year.

According to the ASSOCHAM survey, demand for chocolates is steadily increasing in the range of 45% majority in cities like Ahemdabad, Bangalore, Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Cochin, etc. as the corporates and others are using it as a Gifts instead of traditional sweets.

With increase in petrol price and other household commodities by Indian government,  the rush of discounts and offers still may not be enough to get consumers opening their wallets. Does anyone really cares about India celebrates Diwali or not?