Diwali traditions evolve as consumers shift from physical assets to digital investments
According to the Times of India, festive spending is moving towards mutual funds, shares, and digital ledgers alongside traditional gold purchases.
Diwali has evolved from a festival of lights into a period for reviewing finances, starting new accounts, and making investments, according to the Times of India. While traditional customs remain, households are increasingly moving from physical assets to financial products like mutual funds and shares.
The All India Gem & Jewellery Domestic Council (GJC) estimated gold sales at approximately Rs 60,000 crore following Dhanteras, representing a 15-20 per cent increase in value compared to the previous year. While sales value rose, volumes were expected to remain broadly unchanged.
Dr Shunil Tripathi, an NCFE trainer empanelled with the RBI, SEBI, IRDAI and PFRDA, said festivals can provide cultural and emotional motivation to move from saving to investing. He noted that the basic philosophy remains to save today to secure tomorrow.
In the business sector, traditional red account books are being supplemented by digital ledgers and accounting software. While statutory accounting follows the April-to-March financial year, some businesses still maintain bahi-khatas to compare net worth from one Diwali to the next.
The festive season also drives significant consumption in other sectors. Ravi Kapoor, a partner at PwC India, estimated that roughly 25 to 30 per cent of automobile volumes and 30 to 40 per cent of consumer durables are sold during this period.