According to the survey conducted by Assocham between August and September in cities like Delhi, Mumbai, Kolkata, Chennai, residents of the national capital seemed to be the most affected by inflation, less job opportunities and shrinking wages.
"Over 70 percent respondents from middle and lower middle income families would be forced to cut their Diwali expenditure by 40 percent," said the survey.
Delhi ranks first in curtailing the festival expenses followed by Mumbai, Ahmedabad and Kolkata.
"Be it sweets, dry fruits or crackers, the prices have risen drastically this year. The much sought after item during the festive season, gold, is in the range of Rs.30,000 per 10 gm compared to Rs.22,000 last Diwali," said D.S. Rawat, secretary general of Assocham.
Most of the respondents plan to gash their personal expenses or go bargain hunting to keep their festive budgets in control.
While around 60 percent said they would shop only for products on sale, 12 percent said they would buy fewer gifts this season.
The high income group has remained unaffected from the rupee fall and double digit food inflation, said the survey.
--IANS (Posted on 02-10-2013)