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Diwali Is Big Business in India--and Could Be Here, Too

Over the weekend, millions of people in South Asia and of South Asian descent celebrated Diwali. Originally a Hindu holiday, today it's celebrated by people from many communities, who light lanterns to signify the triumph of light over darkness, or good over evil.

In India, it's also big business. The Confederation of All India Traders said that in 2023, Diwali-related sales added up to an estimated $45 billion, with food, textiles, and jewelry among the most-purchased items.

As immigrants from South Asia become more prominent in American culture and politics -- and a growing population within the U.S.-- the holiday also presents an opportunity for American companies, particularly those offering items rooted in South Asian traditions. Diwali is a major gift-giving holiday in Hindu culture, says Inc. Female Founder honoree Avani Modi Sarkar, an immigrant from India.

In 2018, Sarkar co-founded Modi Toys, offering a range of kids' items rooted in the Hindu faith. The Edison, N.J.-based company recently introduced a Diwali-themed activity book featuring rangoli (a traditional geometric art form) that became an instant bestseller. "People are really longing for tools and resources to celebrate the holiday with their kids," she says. This year, she's also fielded calls from major American corporations that want to know more about the holiday and how to celebrate it with their employees.

Los Angeles-based kitchenware brand Our Place, which was co-founded by Pakistani entrepreneur Shiza Shadid, launched a Diwali collection this year, including a fry set designed by Indian artists. "We believe in honoring our passed-down traditions, but also making them our own," says Shadid.

Major retailers are getting into the business as well: The BBC reports that Walmart, Target, and Costo have begun stocking Diwali decorations and gifts. Patel Brothers, an Indian American grocery chain, has also steadily increased its Diwali offerings since the first branch opened 49 years ago, according to the BBC.

New York Governor Kathy Hochul recently signed a law making Diwali an official holiday for New York City public schools. The increased visibility for Diwali comes at a time when Asian Americans are growing in both population size and economic power within the U.S.

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