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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Record wedding season boosts sales across discretionary items in India
ethnic wear, suits, motorbikes and staples.
Listed jewellery chains, such as Tanishq, Kalyan Jewellers and Senco Gold, said same store sales growth has been strong, while the 30%-plus surge in gold prices over the past year appears to have had little impact on demand for the precious metal that has become seemingly inseparable from traditional wedding rituals in the country.
«The wedding demand is very strong,» said Ramesh Kalyanaraman, executive director, Kalyan Jewellers India. This, he said, is despite the recent «turbulence» in gold prices.
«From Q3 (October-December) to now, gold prices have increased by around 7%… When gold price goes up, people might take a pause and look at the direction where the gold price is going, and they might advance or postpone their purchase. But wedding sales cannot wait for more than a week. So, they immediately come up,» Kalyanaraman told analysts recently.
India's wedding calendar has 47 auspicious days between October 2024 and March 2025, more than three times the number of such days in the first half of the fiscal year. To be sure, the growth rate for most companies offering discretionary items was also affected in the first half of FY24 due to fewer wedding days, besides other factors.
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