Akshay tritya is the single biggest and most auspicious day of shopping in India. This year it falls on a Saturday and customers will get an added advantage of it being on a weekend. We are bullish about this year’s Akshay Tritiya. Gold price are expected to stabilize and stay within the 60k mark, which will definitely help boost sales in gold and silver. As uncertainty deepens globally, there is increasing confidence in gold as a safe haven and hence the greater demand. Over the next one year, gold prices are expected to continue to rise and hence, investing in gold on Akshay Tritiya will help us surpass numbers from last year, like we did on Gudi Padwa.
We expect customers to buy bullion as well as jewellery, not only for investments but also for occasion wear. Akshay Tritiya is celebrated by all, especially in Maharashtra, whether rural or the urban populace. This year we expect a huge spike in millenials and GenZ shopping for Akshay Tritiya as more and more first time buyers have entered the market. This year, we expect a 10% hike in business in quantity terms vis-à-vis last year while in value terms we expect a 35-40% rise! Pan India consumption ranges around 30 tonnes, out of which nearly 8 tonnes are consumed in Maharashtra alone. This year, we will see an uptake of 10% on these quantities. If Maharashtra consumes 12-14 tonnes this year, 50% of it is expected to be from Mumbai and Pune. All in all, the industry will see a fantastic Akshay Tritiya 2023.
