Deepavali spends to be discretionary this year

The Inshorts-Ipsos Deepavali Poll survey said that 33 per cent of those polled plan to have a budget and will spend in moderation, 20 per cent will curtail spending and plan to hold back from spending completely unless necessary, 32 per cent were undecided and only 15 per cent will loosen their purse strings and have a no-holds-barred spending.

An Ipsos release also said that 52 per cent of those surveyed said they will shop to snag great deals - for festival offers and discounts, 23 per cent will splurge in keeping with the festive spirit; seven per cent will be on the look-out for new brand launches; six per cent will buy for gifting and 12 per cent said that they were in an undecided frame of mind.

Inshorts conducted this survey in partnership with Ipsos to map the people’s mood around Deepavali. The release said that 59 per cent of respondents said that they (individuals or their family) would not be bursting firecrackers, 23 per cent would be going all out in bursting crackers, 12 per cent would opt for green crackers and 6 per cent said that they were undecided.

The survey said that majority of respondents polled (68%) supported the Supreme Court’s decision concerning firecrackers, 26 per cent declined and 6 per cent were undecided. The release said that the poll was administered to Inshorts app users on October 27 and 28 and 1,13,469 users took the survey. Respondents polled were in different age groups and in 10 cities such including Mumbai, Pune and Bengaluru.

Gold prices rallied for the second consecutive session on Wednesday, rising by Rs 30 to touch nearly six-year high of Rs 32,650 per 10 gram amid increased festive demand. Silver, however, continued to remain weak and fell by Rs 40 to Rs 39,200 per kg due to tepid demand by industrial units.

Traders said sentiment remained positive on growing demand in the wake of upcoming festival of Deepavali. Globally, gold stood at $1,217.84 an ounce in New York.

In the Delhi bullion market, gold of 99.99 and 99.5 per cent purity surged by Rs 30 each to Rs 32,650 and Rs 32,500 per 10 gram, respectively.

This is the highest level since November 29, 2012 when the precious metal had closed at Rs 32,940 per ten gram. Sovereign gold, however, remained unchanged at Rs 24,900 per piece of eight gram.