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People have become aware and are saving their money for emergency corpus rather than spending it on gifts, and unnecessary items
The Covid-19 pandemic has immensely changed the way we live, since its outbreak in 2020. The year 2021 began with a lot of hope that this year will be nothing like the last year. But the second wave of the covid-19 has had a major devastating impact on the country than the first one. A lot of factors like a risk to life, job losses, lockdown have over shadowed the way we celebrate our festivals.
Festivals- low key affair
This time the festival of Akshaya Tritiya, an auspicious day to purchase gold, which was celebrated on 14th May saw only 10-15 % sales in gold. The huge decline in the purchase of gold among consumers was attributed to lockdowns and financial insecurities led by the second wave.
In the backdrop of the Covid-19 pandemic and the lockdown, the country also witnessed a low-key Eid-ul-Fitr celebrations. The mosques were observed to be empty due to the lockdown, as most of the people celebrated the festival at home.
Reduction in spending
With the concern of job security, salary cut, and uncertain financial future, people have cut back on their budget for festival celebrations.
A lot of people are restraining from their usual exorbitant festive spending due to financial uncertainty.
Another reason to this muted celebration is the huge number of loss of lives incurred, and people trying their best to be safe against covid-19.
Due to the government’s restrictions over the celebration and social gathering, the festivals have become a low-key affair.
Many people have saved significantly on socializing and travel, which has decreased due to covid-19 restrictions. Local and holiday travel has reduced.
They have become more aware of the need to save money for emergencies and healthcare. They are saving their money for emergency corpus rather than spending it on gifts, and unnecessary items.