Dhanteras Sales Hit Rs 1 Lakh Crore Despite Price Surge
Indian consumers demonstrated remarkable spending power during Dhanteras 2024, with total sales reaching an estimated Rs 1 lakh crore despite significant price increases across key categories.
Key Takeaways
- Gold and silver sales dominated with Rs 60,000 crore (25% growth)
- Gold prices surged 60% to cross Rs 1,30,000 per 10 grams
- Broad-based recovery across utensils, electronics, and vehicles
- “Vocal for Local” campaign boosted Indian-made products
Gold Rush Drives Record Spending
The traditional purchase of precious metals remained the primary driver of Dhanteras sales. Gold and silver transactions alone accounted for Rs 60,000 crore, marking a substantial 25% increase from the previous year. This growth is particularly impressive considering the dramatic price increases: gold prices have risen approximately 60% year-on-year, crossing Rs 1,30,000 per 10 grams, while silver prices jumped roughly 55%.
Strategic Buying Patterns Emerge
According to the Confederation of All India Traders (CAIT), resilient demand reflects the deep-rooted Indian belief in precious metals as secure investments and auspicious Dhanteras purchases. While purchase volumes saw a slight decline, the value increased significantly as consumers adopted strategic buying approaches—opting for lightweight jewellery, gold coins, and bullion primarily for investment purposes to fulfill the shagun tradition.
Broad Economic Recovery Evident
Beyond bullion, festive spending extended across multiple sectors, indicating widespread economic recovery. Major contributors to the Rs 1 lakh crore total included:
- Utensils and kitchen appliances: Rs 15,000 crore
- Electronic and electrical goods: Rs 10,000 crore
- Vehicles, textiles, and decorative items
The “Vocal for Local” campaign provided additional momentum, with consumers showing clear preference for Indian-made products, benefiting small traders and local manufacturers nationwide.
