Diwali is the festival of lights celebrated annually between October and November by millions of people in India and around the world. It is customary to exchange gifts between family and friends during Diwali.
On the occasion of this festive season, every business gears to serve its consumers by offering heavy discounts and exclusive offers. Diwali season accounts for 35-40% of annual sales of consumer durables. Although Diwali just got over, the festive sale of Diwali in the e-commerce industry is estimated to be worth $3.7 billion, 60-65% higher than $2.3 billion last year, according to estimates from RedSeer.
Economists and policymakers have predicted to see a revival in the economy with the rise in consumer spending during Diwali amidst the economic slowdown. Furthermore, money sent as gifts by the growing Indian diaspora around the world is expected to contribute towards the uptick of Indian economic recovery.
Remittances sent by Indians living outside the country make significant contributions towards the loved ones living in India and the economy in general. India was the top recipient of inward remittances with a whopping $79 billion last year. It is expected to reach 82 billion this year, according to the World Bank.
NRIs living abroad may not visit India every Diwali but they partake in the merrymaking by sending gifts back home. In the digital era, sending digital gifts and money are increasingly popular as compared to tangible gifts shipped from abroad.
For long, economists have talked about “the deadweight loss” of gift-giving, which is the portion of the retail value of the gift that is a waste when the gift is given. The economist Joel Waldfogel , estimated that the deadweight loss from gift-giving is one-tenth to one-third of the gift's value.
Let’s say, for example, you spend $200 on a gift and another $50 in shipping charges. But the recipient does not like the gift at all, and would only be willing to pay $10. Now, the value of your $250 gift has lost $230.
Why spend time and money on a gift the recipient may not like after all? Hence, sending money is the best gift. If you had sent the $250 to their bank account, they can use it to buy what they really need. It could be fees for school, new clothes, food, or for decorations for a celebration like Diwali. So, the best way to send money to India is through an online money transfer company like Remit2India, A pioneer in online remittances with over 17 years of experience, offering easy, fast, and secure money transfer to India.
Remit2India has helped millions of NRIs transfer billions of dollars back home. From medical emergency to EMIs, and investments to Diwali gifts. They bring your promises home to India from the US, UK, Canada, Australia, and Ireland at great exchange rates, instant transfers, and 24X7 customer service. Their site and mobileapp are easy to use and can complete a quick transfer using multiple payment modes at low fees to any major Indian banks like State Bank of India, HDFC, ICICI, etc. Try now!
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