Fairval

Notes on Indian equities, sectors and economy

Slowdown affecting New Year partying

Posted by fairval on December 31, 2008

Interesting article in HT. Seems to indicate that even at knocked down prices, there are few takers for party tickets. Leela has sold 40 tickets out of 500. Most places tickets sales are 40-50% of total.
This when prices seem sliced off. For Taj Lands End, the pricing is Rs 5000 per couple for unlimited booze and food. That is quite reasonable on a normal day, let alone a New Year night.
Intercontinental at Marine drive, which has an excellent rooftop place, has cancelled any New Year night plans!

Tho, our business owners have a nice way of obfuscating whats going on. They are attrubuting slow sales to 26/11 and security fears. Far from it. My guess is – this is about the slowdown. People are simply conserving money.

Yday, there was an article on retail which quoted many retain owners saying that Christmas sales were 20% or so, below normal. Clearly, no change in mood yet anywhere. No need either, Interest rates remain high, prices havent yet started coming off.

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