The auto industry saw a spike in sales volumes, despite the fact that gold and silver sales on Dhanteras were more than 25% higher in value as buyers anticipated a further rally.
Due to strong consumer demand and GST 2.0 reforms, India is seeing record-breaking sales over the current holiday season, whether they are for gold, cars, or gadgets and home appliances.
The auto industry saw a spike in sales volumes, despite the fact that gold and silver sales on Dhanteras were more than 25% higher in value as buyers anticipated a further rally.
Analysts claim that there is a revived interest in buying gold during the holiday season.
Following a significant price correction, the All India Gem and Jewellery Domestic Council (GJC) reported a spike in gold and silver purchases during Dhanteras.
According to Rajesh Rokde, Chairman of GJC, “consumer sentiment is strong despite high gold and silver prices, driven by strategic buying as well as early wedding purchases.”
Demand is mostly driven by gold coins, but lightweight jewelry with hallmark certification is also doing well. Coins and puja items in particular have increased by about 40% from the previous year.
Younger consumers are choosing lightweight, ethically sourced jewelry to commemorate personal milestones, contributing to a 15% increase in self-purchase trends.
In keeping with the auspicious muhurat, this year’s Dhanteras and Diwali deliveries are spaced out across two to three days, according to Amit Kamat, Chief Commercial Officer, Tata Motors Passenger Vehicles Ltd.
Demand has been strong overall, and the GST 2.0 change has added to the encouraging trend. Festive joy and the good effects of the GST 2.0 reforms are what are driving the positive momentum.
Strong consumer demand has also been observed, and deliveries are anticipated to total about 14,000 vehicles, which is about 20% more than the previous year, according to Tarun Garg, Wholetime Director and CEO of Hyundai Motor India Limited (HMIL).
One of the most successful festive seasons in recent memory, Dhanteras saw massive shopping throughout India, with total sales believed to have topped Rs 1 lakh crore. According to CAIT, sales of gold and silver alone were over Rs 60,000 crore, and when demand for domestic goods increased, Delhi markets saw transactions totaling over Rs 10,000 crore.
