Bangalore: It wasn't a spectacular Akshaya Tritiya this year in Bangalore. But not as bad as feared, given that the economic slowdown has been impacting buying - especially of big ticket items such as jewellery.
For Tanishq, the day began on a slow note.
Says A. Shivram, Regional Manager, Tanishq, "Though it wasn't like last year, it has been much better than the worst scenario we had thought of. The performance this year (sales and walk-ins) around this period is about 80 per cent of what was last year."
"However, the small towns saw good sales on Monday. Our stores in Hubli, Mangalore and Mysore recorded a 20 per cent increase in sales and walk-ins. It is only the urban markets such as Bangalore that are seeing a steep impact of the downturn," says Shivram. The value of items bought in Bangalore has gone down by 15 per cent, he adds.
At Rajesh Exports' Shub and Laabh stores here, business was better than normal days but dull in relation to what one expects on Akshaya Tritiya. "Business has been 60 per cent lower than last year. The slowdown obviously is the reason," says Rajesh Mehta, Chairman, Rajesh Exports.
The value of items purchased on this day has also gone down this year. Tanishq has seen a fall of 15 per cent in value in Bangalore, says Shivram.
But the good news is that people are still buying, though they have become more selective and are postponing purchases. While the general mood in the market is low, gold prices are not the worrying factor anymore, say retailers.C. Vinod Hayagriv, Managing Director, C. Krishniah Chetty & Sons, says the market is ready to absorb the Rs 1,300-1,400 (per gm) price levels. C. Krishniah Chetty, which caters mainly to the middle to high end of the market, has had a good Akshaya Tritiya season this year at a 20 per cent sales spurt. "May be because we are celebrating our 140th year. Also, it appears that the clientele we cater to still has the purchasing power," says Hayagriv.