Hyderabad: Traders in Hyderabad are doing mixed business this Diwali; some have done well, while for others business has been slow.
Diwali is traditionally a time to indulge the Indian love of gold, but things have changed, according to Vikram Kabra, a gold jewellery dealer in the city. He says that sales of gold and silver are not encouraging this festive season.
“Gold is now being seen as more of a celebration gift for your loved ones on a birthday, wedding anniversary, Mother’s or Father’s Day etc so people are not queuing up in front of gold shops during festivals as they did earlier. Also, there is a belief that prices are high at the time of Diwali,” he said.
Realtors in the state capital use festivals to attract customers by announcing discounts and free gifts, according to C. Shekar Reddy, former president of CREDAI (Confederation of Real Estate Developers Association of India). But this time, this has not worked as officials in the stamps and registration department say Diwali has been quiet, with none of the buzz in property transactions being seen in the last few days.
A lot of it has to do with the inauspicious few weeks lasting upto mid November. Gauribatla Siddhanti said that the wedding season ended on October 6 and there are no shubmuharats until the second week of November.
Normally, the Hindu month of Karthika is considered auspicious, but this year there are almost three weeks that are not considered so for taking big decisions, celebrations and property transactions, he said.
Buying a car is another favourite activity at this time of year with free insurance and other benefits being offered around Dasara and extending to Diwali. But Dasara is the preferred time to buy a new vehicle and perform Ayudha Puja. Vehicle sales during Diwali are thus steady but not significant, said the owner of a two-wheeler showroom.
Textile sales in Hyderabad are higher during Dasara and Diwali, comprising 30 or 40 per cent of the yearly turnover. There are over 15,000 textile shops in the state capital but many have had problems adjusting to the new GST regime. As a result, dealers have bought 25 per cent less stock this year compared to last year, said Ammanabolu Prakash, the president of the Tela-ngana State Federation of Textile Associations.
The ones who are laughing all the way to the bank are shops selling electronic goods.
After a dull week, when it rained heavily every evening, customers are now thronging shops to enquire about and buy the latest model of television, refrigerator and washing machine.
Prashant K. Das of Pai International Electronics says all leading brands have attractive offers. Zero interest finance options are also available so customers are not hesitating to buy large screen televisions and bigger refrigerators with the EMI option.
The one thing that has not changed over the last few years is buying of sweets and savouries to distribute to relatives, friends and well wishers.
G. Raghava Reddy of Pulla Reddy Sweets says the shop sells 70 tonnes of sweetmeats during the six days of the festival.
