Akshaya Tritiya in Indore: Festive Crowds Meet Cautious Spending Amid High Prices
Indore witnessed a bustling Akshaya Tritiya on Sunday, with significant footfall across gold showrooms, automobile dealerships, and garment markets. However, elevated prices tempered big-ticket purchases, leading to limited overall sales growth despite the festive fervor coinciding with the peak wedding season.
Festival Footfall and Traffic Snarls Amid Extreme Heat
The auspicious day brought heavy crowding to key markets, resulting in packed parking spaces and traffic snarls across several parts of the city. Extreme heat during the afternoon subdued footfall, but a sharp pickup occurred in the evening, with long queues forming at jewellery stores and retail hubs.
A trader noted, "Footfall was good, but higher prices are influencing buying decisions. Customers are cautious and spending selectively."
Traders observed that business was spread out this year, as the festival extended into April 20, which is expected to further divide peak-day sales, even though overall turnout remained strong.
Gold Prices Drive Budget-Conscious Purchases
Jewellery showrooms experienced strong footfall, driven by the traditional belief of buying gold on Akshaya Tritiya. However, elevated prices kept purchases largely budget-driven, with demand concentrated in lightweight jewellery and gold coins. Wedding-linked buying dominated sales, with families having upcoming weddings leading enquiries and purchases, while leisure buying remained limited.
Gold was trading at approximately Rs 1.54 lakh per 10 grams in Indore, and silver prices were about Rs 2.47 lakh per kg, prompting customers to opt for smaller-ticket items.
Sumeet Anand, a jewellery showroom partner, said, "There was a jump of around 30 percent in footfall at our showroom. Wedding collections saw encouraging enquiries and sales as this is the peak marriage season."
Jewellers reported positive sentiment, but high prices led to cautious spending, with customers focusing on value purchases rather than heavy ornaments.
Electric Vehicles See Strong Demand in Automobile Sector
Automobile showrooms reported an uptick in bookings and dispatches on Akshaya Tritiya, with festive sentiment driving enquiries across segments. Demand was particularly strong for electric vehicles, which saw a noticeable rise in enquiries and bookings. Some customers chose to schedule deliveries for Monday, as the festival spanned two days this year, prompting staggered purchases.
Showrooms also rolled out offers on accessories and finance schemes to attract buyers.
Aditya Kasliwal, an automobile dealer, stated, "We saw good footfall and a healthy number of bookings through the day. The actual trend will be clearer by Tuesday as Akshaya Tritiya is spread over Sunday and Monday this year."
Garment Markets Report 20% Sales Growth
Garment markets saw steady footfall, with most wedding-related purchases already completed in the days leading up to the festival. Traders said sales remained strong, supported by the ongoing marriage season. Shopkeepers reported over 20 percent growth in sales compared to regular days, with a significant share of demand coming from rural buyers from nearby areas.
Markets such as Rajwada and MG Road witnessed consistent activity throughout the day.
Akshay Jain, president of the Indore Retail Garments Association, explained, "The last fortnight was very good in terms of business. Despite the rise in garment prices, purchasing remained strong due to the wedding season."
Readymade garment traders noted that prices have increased by over 10 percent, but demand has held steady as consumers prioritized wedding shopping.
