Monday, October 31, 2011

Celebrate Festivals, Spice up Economy

Festivals are an integral part of our lives. They provide us the much needed escape from the boredom of routine and indulge in celebration.

 

The trigger

Typically, the festivals are governed by the traditions and rituals. For example, On Dusshera also known as VijayaDashami, the day on which Lord Rama killed Ravana, which I believe is a festival to celebrate respect, the Guajarati community enjoys loads and loads of Fafda (A snack made from gram flour) and Jalebi (A sweet dish). For most of us, festival is all about celebrations, holidays, having a good time with family and friends.

But I was forced to think about the deep rooted economic sense in Festivals after reading this article...

 

The Facts

The articles states that 25 crores worth of Fafda, Jalebi were consumed during Dusshera this year(2011). I was amazed at knowing this fact and curiosity forced me to surfed the net for more such fascinating facts about Festivals. I found another interesting fact about the Kite festival. The festival is now a industry worth over 400 crores. Read this article.

Another search and I hit upon these facts about Gold sales during Akshya Tritiya. Noteworthy point is that the gold was trading at 25k levels at this time this year...

The Gist

These are all example of spends incurred to carry on with the tradition of the festival. Look around and you will see the retail market is spiced up with delicious deals offering huge discounts and free gifts.The economic activity shoots up during the festivals period as people are in mood to celebrate and so less reluctant to spend money. The money flows across hands and everybody gets to get their hands wet. The gist is that festivals are not mere traditions and rituals. They are very strategic means of stirring up economics, spicing up the market.What could be a better means of empowering various strata of society to get into business and make a living. Festival is an innovation meant to address the income disparity of the society.

We will continue to look into the economic sense of Festivals in the next post by exploring how festivals let the money be distributed among the society.

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