Indore (Madhya Pradesh): Dhanteras shopping trends in the city this year mark a shift in consumer priorities, with record-high gold prices moderating traditional jewellery purchases and recent GST reforms fuelling a sharp rise in demand for automobiles and electronics.
Gold prices have surged nearly 60% since January, now ranging between ₹1,31,920 and ₹1,32,820 for 24-carat gold. In comparison, the rates were under ₹81,000 earlier this year. While the metal remains central to Dhanteras rituals, high prices are prompting consumers to either downsize or diversify.
Govind Soni, a senior jeweller and precious metal dealer, said, “Footfall has been steady in the festive season, but we are noticing a clear shift. Customers are either opting for smaller gold items or moving towards silver, which is more affordable and still considered auspicious.”
Silver has emerged as a popular alternative, having risen over 70% nationally this year. Its growing use in electronics and solar energy has improved its investment appeal.
Vijay Asrani, a market analyst, noted, “Silver has outperformed gold in percentage terms this year, largely due to its increasing use in industrial applications. From a valuation perspective, it remains attractive.”
In addition to silver, many consumers are turning to Sovereign Gold Bonds (SGBs), digital gold, and ETFs, reducing exposure to making charges while still honouring tradition.
Despite recent GST 2.0 reforms, tax rates on precious metals remain unchanged—3% on metal value and 5% on making charges—providing clarity amid otherwise shifting policies.
The most auspicious time for purchases today falls within the “Amrit Kaal” period (8:50 AM to 10:33 AM). The Trayodashi Tithi extends until 1:51 PM on October 19.
GST reform boosts big-ticket sales
GST rate cuts on vehicles and electronics have triggered strong demand across these sectors. Small and mid-size cars now attract 18% GST, down from 28%, with the compensation cess removed entirely.
Tanveer Khan, sales head in a major Indore dealership, said, “We’re seeing a 35 to 40 percent rise in showroom footfall compared to days before last year’s Dhanteras, especially among first-time buyers and those upgrading to mid- and premium-range models.”
Passenger vehicle dispatches nationwide rose to 3.72 lakh units in September. Navratri auto retail sales saw a 34% year-on-year jump.
Electronics and appliance sales have also benefited from GST cuts, with consumers shifting toward higher-spec models.
Gaurav Pahwa, an electronics retailer, said, “Customers are clearly favouring high-spec appliances and larger screens. With the GST cuts bringing down final prices, many buyers are treating this festive season as the right time to invest.”
Economic undercurrents
The festive spending pattern is being shaped by global gold demand, a weakening rupee and India’s push for consumption-led growth. While the government projects a revenue hit of Rs 48,000 crore from GST cuts, it expects short-term gains through increased spending.
With Dhanteras setting the tone for Diwali, Indore’s markets are adapting. Shoppers are still buying—but with a sharper eye on value, long-term utility and financial prudence.
