How Consumers are Cashing in on Festive Discounts by Buying 7 High-Utility Alternatives to Costly Gold this Dhanteras

Investing in gold as an auspicious purchase on Dhanteras is a custom as old as time. With gold at an all-time high, buying gold as an investment or as an investment in tradition has never been so out of reach for the middle-class consumer. Record prices are now ushering in a major, trend-defying transformation of the retail festival season across the country.

At ₹11,695.54 per gram, consumers are pivoting away from the time-honoured tradition of a big one-day gold buying spree on Dhanteras, which marks the first day of the five-day festival of Diwali. Instead, buyers are heading toward affordable but no less auspicious, long-term useful products or gifts that not only fulfil ritual requirements but are now easily as easy to justify financially as traditional gold purchases on the auspicious occasion.

The impact of this is beginning to reverberate through Dhanteras retail buying across the country, which may be the biggest opportunity yet to create a multi-pronged Dhanteras retail surge this festival season.

Silver first.

Retail investors are flocking to affordable and no less auspicious silver, which is trading around ₹1,45,554 per kilogram at the time of writing this. While silver coins are already hugely popular in rural and semi-urban markets, bars and utensils are becoming hot products on Dhanteras 2023 as well. Silver jewelry is also seeing record sales during the festival of lights. Even more importantly, however, is how silver is cushioning the drop in order value in the jewelry sector for traditional retailers, where it is helping keep sales volume up.

Second, the most obvious category is big-ticket or high-utility purchases that customers are leveraging heavy festive discounts to make on Dhanteras:

Cars and bikes (not to mention scooters)

These have long been auspicious purchases on Dhanteras, with many dealers offering special discounts to buyers coming in on the day to collect their vehicles.

Major appliances

Large kitchen appliances like refrigerators and cooking ranges are also traditional major-item investments customers made on Dhanteras. This includes TVs and washing machines as well.

Mobile phones and laptops

High-value personal electronics have established themselves as auspicious high-value gifts too in recent years, along with the traditional purchase of laptops or high-end smartphones in family homes.

Utensils, steel or otherwise

The purchase of new utensils is seen as bringing long-term prosperity to the home, helping retailers of steel, brass or copper utensils.

Insurance

This is the most business-driving trend of all on the auspicious occasion of Dhanteras this year. Lenders and insurance companies are getting more consumers to view buying a long-term insurance policy as an auspicious investment in safety and security on the first day of Diwali. Buying a life insurance or health insurance policy is becoming a modern, responsible way to protect a household’s financial future, much like gold was in past years. Thus, lenders and insurance companies are finding big value in Dhanteras 2023 for the insurance sector. Buying an insurance policy to save lives or provide financial protection for one’s family has also never been more convenient, with door-step products available for homes across the country in 2023.

Idols

Traditional small retail remains strong with people buying small idols of Lakshmi and Ganesha and idols of other deities at the household level as well. The selling of idols of Lakshmi, Ganesha and other deities may also witness a jump as people make these purchases.

Buying a new broom

Yes, it’s true. Buying a new broom is also an auspicious purchase on Dhanteras and Indian consumers, quite sensibly, are pouncing on the symbolism. This is because there is a strong belief among many that buying a new broom on Dhanteras will sweep away negative energy and bring prosperity and wealth to the home.

 

While gold sales are likely to remain relatively flat in volume this Dhanteras, it is clear that record prices are a very real business opportunity for retailers and businesses across a much broader spectrum of categories this festival season. By making affordable products more convenient and festive discounts available for useful, long-term items, many of which are traditional purchases as well, consumers are making buying decisions that are redefining the festival shopping season itself.

Businesses too are seizing new opportunities to innovate and sell during the festive shopping season, particularly with investments in well-being and financial safety nets like insurance policies. This is creating a new kind of surge to welcome the festival season, moving well beyond traditional gold sales in the process.

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