Inflation dampens buying spirit ahead of Dhanteras

The onion crisis is hitting buying sentiment before Diwali. Retail stores report low bookings ahead of Friday's festival of Dhanteras. The demand for gold jewellery, electronic goods and steel vessels, usual yardsticks to judge buying sentiment, is badly hit. The real estate and automobile sectors also have little to write home about.

Consumers commonly place orders ahead of Dhanteras and take delivery on the auspicious day, which marks the start of Diwali.

Traders say government curbs on gold import as well as increased import duties have caused a scarcity of the yellow metal; so, fewer designs are available. "People are turning to silver instead," said Kumar Jain, vice-president, Shri Mumbai Jewellers Association.

On Wednesday, the official rate of 22-carat gold was Rs 28,798 per 10 gram and of 24-carat Rs 30,800. Goldsmiths charge an average of Rs 1,500 more owing to overhead costs. The rate at Waman Hari Pethe, Dadar, was Rs 30,340 for 22-carat and Rs 32,490 for 24-carat gold.

"Sales are flat," said Manoj Kothari of Kothari Jewellers near Andheri market. "In the 28 years since I am running this business, buying sentiment has never been worse. Where do people have money saved up to buy gold when inflation is hitting basic food consumption? Ornaments are lowest on people's list of priorities during bad times."

The jewellers of the Dadar cluster say this has been a dismal season. A representative of S M Pednekar said "nothing" was happening in the run-up to Dhanteras while Khandekar Motiwale said sales of pearl ornaments were sporadic. "We are waiting patiently to see if footfalls improve. There are a few days left for Diwali," laughed Ramakant Khandekar.

Salim Shaikh, sales executive at Satyam Appliances in Bandra, said, "Footfalls are down by 60% as compared to last year. Those who are coming to buy are old customers and most of them are exchanging old appliances for new." In previous years, people would place orders 15 days ahead of Diwali. "Slowly, that gap narrowed to a week and this season, buying started only on Wednesday, just two days before Dhanteras," Shaikh said.

The absence of big cash flows is seeing shoppers focus on low-end items like steel vessels to keep up the tradition of buying on Dhanteras. Over in Kandivli, early birds have been arriving to browse at leisure. "I am advising customers to book their items beforehand because the shop is very crowded on the day of the festival," said Uttam Patel of Kailash Steel.

Anda sedang membaca artikel tentang

Inflation dampens buying spirit ahead of Dhanteras

Dengan url

http://cegahkeropostulang.blogspot.com/2013/10/inflation-dampens-buying-spirit-ahead.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Inflation dampens buying spirit ahead of Dhanteras

namun jangan lupa untuk meletakkan link

Inflation dampens buying spirit ahead of Dhanteras

sebagai sumbernya