Millennials are showing an increased interest in investing, driven by their desire to get better returns from the markets during the festivities. Though millennials and GenZ believe in living in the moment without necessarily worrying about the future, lured by lucrative rates and offers in various investment instruments, millennials are heavily investing this festive season. With the oncoming festivities like Navratri, Durga Puja, Dussehra, Diwali, Bhai Dooj, etc, the festive fervor is at its peak with rebounding economic sentiments and millennials are planning their investments with many running offers.
Top banks are offering special rates this festive season while some MF companies are introducing new festive customised products to tap into the festive sentiment of the consumers. Consumers find these festivities the right auspicious time for their investments too.
“I’m getting a special FD rate of about 8 per cent from a leading bank and I knew I wouldn’t get it at any other time, this being the peak festive time. Hence I immediately opted for it, and festivals are anyway the most auspicious time to invest,” said 33 year old software engineer Sridhar Jana. He added how he waited just for the festive season to do his next investment just to get better benefits.
Another millennial Janaki Nair, working in a top MNC revealed that she is waiting to do a mutual fund investment during Dhanteras. “Last year, a top MF firm had launched an attractive product during Dhanteras for only one day, with amazing return rates. I had invested last year on that product, and have been waiting for this upcoming Dhanteras to invest on that day itself just to get the best of offers, and also because it is an auspicious time for any investment,” she said.Not just FDs and Mutual fund investments, but people are also looking to invest in Gold. Gold loan companies are experiencing a surge in demand from semiurban and rural areas as the festive season approaches. According to ET, small businesses and individuals are turning to these companies to monetize their gold holdings and raise funds amidst a general credit crunch. Gold prices have also risen recently by almost 4 per cent due to increasing geopolitical tensions as well.
