Electronics replace gold this Diwali, online shopping affects retail markets

HYDERABAD: While many people have opted to buy electronic items rather than

gold

jewellery this year, traders are hoping that sales might just pick up on Diwali.
Many people preferred shopping online for goods rather than going to stores, the gradual dip in splurging on festivities was felt by almost all business segments, including gold jewellery , electronics, textile or crackers.

While gold is one item which people prefer to buy from brick and mortar shops, but citizens gave gold purchases either a complete miss or just made token purchases this Dhanteras.

“This year all industries are witnessing a downward trend, so even the gold and jewellery business is hit by the downward sentiment. Most of the purchases made on Dhanteras were small ones and even the demand of gold coins have been very less this year,“ said

Avinash Gupa

, general secretary Hi-Tec City Jewellers Asso ciation. He said sales are not likely to pick up during the current season.

Unlike previous years, when mobile phones were a big hit, apart from big purchases being made in electronics, a dip of 30 percent in electronic purchases were reported by most showrooms.

“This year LED television sets are the only ones fast moving. This apart, people are buying refrigerators and washing machines,“ informed an official at a

Bajaj Electronic

showroom.

Mobiles were largely purchased from online portals which have attractive discounts. “I have done a lot of research online and also visited a few shops before deciding on a mobile. The online purchases come for `10,00012,000 less,“ said P Saipriya, adding that she had purchased bed linen, clothing and even diyas online.One of the badly-hit segments was the clothing and textile segment which has been losing out sales to online portals for a while now. “Sales have taken a major downslide. The sentiment of spending isn't there as people seems to be scared of spending. Everyone's mood to celebrate seems to have taken a back seat,“ said

Arun Bulchand

, director, Bulchand Trading Private limited.

He blamed the unreasonable taxation after the `big blow of demonetisation' for `the market crash down'.