The Diwali season is the time of year when people in Delhi usually exchange gifts, sweets, and dry fruit. There has been a drop in Diwali budgets this year caused by the economic downturn, heavy losses suffered by many in the stock market, and inflation. 

 

People are cutting down spending on new clothes and fancy lights. The prices of diyas, candles, and firecrackers have gone up. The norms relating to the sale of firecrackers are being strictly enforced this year due to the threat of terrorism. According to the police, only one dealer in each locality is licensed to sell firecrackers.

 

Some Delhiites are planning to send homemade sweets to a few close relatives and friends only. Others have dropped their plans for sending Diwali gifts altogether and are using the humble SMS to greet people.

 

The drop in Diwali spending this year is not restricted to the people of Delhi. Corporates are also reducing expenditure on Diwali gifts. There are fewer customers for luxury items this year and people are looking for better value for money.

 

Traditionally, Diwali is the time when people buy gold, but jewelers in Delhi have reported a drop in demand as compared to previous years.

 

Are you worried that the economic downturn may eventually affect your standard of living?