This Diwali, gifts will mean a lot more… spending
An ET study of the 10 most-gifted products shows consumers will have to shell out about 14% more on average this festive season, from last year, as cashews, almonds and chocolates such as Cadbury Silk, Hershey’s Kisses and Ferrero Rocher are more expensive. This, industry executives fear, may crimp consumer demand.
Lower supply of almonds, cashews and Californian pistachios has triggered a surge in retail prices. For instance, almond kernels, the most in-demand grade, cost 27% more at Rs 800 per kg this September, from Rs 630 a year ago, according to data from Nuts and Dry Fruits Council of India, an association of over 700 members.
Raisins cost the same but cashews have seen the highest price increase, of 37%, with the prized W320 variant going up to Rs 960, from Rs 700 per kg in the previous year, as per the dry fruits body.
“One reason for this price hike in cashews is that this year, global and domestic crops are around 15% short,” said Rahul Kamath, president of All India Cashew Association and director of Bolas, a dry fruit brand and cashew processor.
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