In India, festivals are at the heart of people’s lives. The various vibrant festivals that are held throughout the year offer a grand way of seeing Indian culture at its best. As a festival comes around the corner, there is always a thrill in the air that is difficult to miss. This thrill plays a part in changing the shape of the Indian economy. This is the time when the country generates massive income. The demand and supply logarithms witness a sudden rise.
Festivals often attract new visitors. People travel to particular regions to experience the glory of the festivals native to that region. This boosts travel tourism and also acts as an indirect form of marketing for the market in that region, allowing added exposure and new opportunities. The revenue generated further increases as festivals not only have attracting power, but they also have retaining power, as many of the Indian festivals last for days. This translates to potential revenue generation as the visitors stay longer in those regions.
The festival of lights, Diwali, sees the market flooding with crackers, decorative lights, sweets, festive clothes, lanterns, ethnic furniture, etc. Every mall, store, and brand gets busy introducing lucrative offers and discounts to lure in customers and to put new life into a brand/store. Similarly, new products are launched, and new schemes are unveiled.
Parallel to all this, the strength of buying power of the population increases as bonuses are handed out, saved money is made available for disposal, and piggy banks are broken. All around, people are in the mood to splurge, gift and feel good. Hence, innovative gifts make their way to the market shelves; companies indulge in corporate gifting to thank their employees and dealers for their support and good work.
Festivals are pitaaras of ready-to-tap revenues. A seller who can understand and utilise that turns the tide in his favour.
