Diwali, also known as Deepavali, is one of the most significant festivals celebrated by Hindus, Jains, and Sikhs around the world.
The word “Diwali” is derived from the Sanskrit word “Deepavali,” which means “rows of lights.” Deepawali is the festival of joy and happiness and usually lasts five days, with the third day being the main day of celebration.
This year, the Hindu community is ready to celebrate the festival of lights on Sunday, 12th of November.
Diwali holds great significance, symbolising the victory of light over darkness and good over evil. The lighting of lamps and candles during Diwali signifies the triumph of knowledge over ignorance and the dispelling of darkness.
Diwali is associated with the goddess of wealth, Goddess Lakshmi. People clean their homes, buy new clothes, and decorate their houses to welcome Goddess Lakshmi and seek her blessings for prosperity and wealth in the coming year.
It is a time for families to come together, exchange gifts, and share festive meals. It strengthens the bond between family members and fosters a sense of unity and togetherness. And it fosters a sense of unity and understanding among diverse groups of people.
Diwali is not only a religious festival but also a cultural celebration. It is a time when people participate in various cultural activities, such as music, dance, and traditional rituals, showcasing the rich heritage of different regions.
It’s also a time for retailers to respectfully engage with communities that celebrate Diwali. Based on overseas examples, Diwali has become incredibly important for the retail sector, with significant benefits to retailers.
Increased consumer spending: Diwali is a time when people indulge in shopping for new clothes, jewellery, home appliances, gifts, and sweets. The tradition of buying new items and gifts for family and friends during Diwali leads to a significant boost in consumer spending. This increased demand fuels sales in the retail sector.
Festive discounts and offers: Retailers and businesses offer attractive discounts, deals, and special offers during the Diwali season to attract customers. These discounts and offers play a crucial role in attracting shoppers and boosting sales. Many customers wait for the Diwali season to make major purchases, knowing that they can get good deals.
New product launches: Companies in overseas markets often launch new products or product variants during the festive season, including Diwali. This leads to a surge in demand, as consumers are keen to try out the latest offerings. This trend is especially noticeable in sectors such as electronics, fashion, and consumer durables.
Rise in gift-giving purchases: Diwali is a time of exchanging gifts among family, friends, and business associates. Corporate gifting also sees a spike during this period. This tradition leads to a significant increase in the sale of gift items, specialty foods, and decorative items, benefiting the retail sector.
Home décor and renovation: Many people choose to redecorate or renovate their homes during Diwali. This leads to increased sales in home decor items, furniture, furnishings, and home improvement products. Retailers catering to these categories experience a surge in demand during the festive season.
Online shopping: With the rise of e-commerce, online retailers offer enticing deals and discounts during Diwali, leading to a surge in online shopping. Many consumers prefer the convenience of shopping online during the festive season, contributing to the growth of the online retail sector.
Boost in footfall: Shopping malls, markets, and retail outlets witness a significant increase in footfall during Diwali. The festive ambiance, coupled with the availability of attractive products and discounts, attracts a large number of shoppers to physical retail stores.
Overall, Diwali holds immense cultural, religious, and social significance, emphasizing the values of light, knowledge, prosperity, and the victory of good over evil. It is a time of joy, reflection, and renewed hope for a better future.
It’s also an opportunity to engage more broadly with the diverse communities that the retail sector serves. Diwali drives consumer spending, encourages new product launches, promotes gift purchases, boosts home-related expenditures, fuels online shopping, and increases footfall in retail outlets. These factors make Diwali an increasingly important event on the retail calendar.