New Delhione day beforeAuthor: Sanjeev Kumar
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The Kovid lockdown may have kept Diwali in tatters for the last two years, but this time Indians are shopping lavishly.
People living under the fear of recession and war around the world are not giving preference to shopping. But in India it is the opposite trend. Here the early figures of the festival season show that men have outperformed women in terms of shopping. 62 percent of men are in the mood for shopping on Diwali, while 55 percent of women are ready to shop.
This time more enthusiasm is visible towards online shopping than what is visible in shops and markets. People are taking interest in many types of shopping including fashion, decorative items, travel, gifts. Let us know in detail the shopping trends of Indians this festive season.
Offline-online festival sales to cross 2 lakh crore
In an uncertain environment, Indians are shopping more than they did before the pandemic. According to a Reuters report, a large number of Indians are not only buying cars, houses and jewelry, but are also spending a lot of money on travel.
For a long time, the suppressed desire to buy is coming out in the open this time. The market is treating it as ‘revenge shopping’. It is believed that this time the festive sales can reach beyond Rs 2 lakh crore.
According to the Confederation of All India Traders, the share of offline sales out of the total sales could be more than $15 billion, which was $8.5 billion in 2019.
Online sale can reach up to Rs 1 lakh crore
The report quoted industry estimates as saying that sales could cross $27 billion in the current festival season, which began in late September and will continue till early November. This amount is close to 2.2 lakh crores at the current level of Rs.
This figure is 25 percent higher than last year. Also, 2019 is twice as much as the pre-pandemic festive season.
Market consultant Redseer has estimated that this year online sales can also reach about $ 12 billion, that is, about Rs 1 lakh crore, which will directly benefit players like Amazon and Flipkart.
The number of online shoppers has increased 4 times to close to 200 million since 2018. And most of the growth in this is coming from small cities, from where people are buying from clothes to expensive mobiles.
In this era of digital India, online fraud gangs are also becoming active. Let us tell how they can be avoided-
Increase in the number of home buyers
According to the data of Federation of Automobile Dealers Association (FADA), an organization representing more than 15,000 vehicle dealers in the country, the sales of vehicles during the nine days of Navratri were 57 percent higher than last year.
According to JLL Consultancy, an expert in real estate, the sale of houses in the month of September has registered a 70 percent increase over the previous year, thanks to the festive discount.
Benefit of long suppressed demand
According to Tarun Kumar, Assistant Manager, Motilal Oswal Financial Services Ltd., “The jump in sales this festive season is due to the increased buying interest that has been suppressed for a long time.
Since Corona, Indians were paying more attention to savings and during this time they kept their fists closed. Now on the occasion of the festival, we are spending lavishly. Which has become the reason for the boom in the market, which is benefiting all the sectors.
Consumers also make some purchases which are difficult to return due to populist advertisements. In such a case, the government has taken steps to help the consumer. Let’s understand it from the graphic-
With the lifting of the lockdown and the company’s offers, discounts and the sentiments of the festive season, all three are increasing sales. A Reuters report said that many families were already planning to spend during the festivals, the effect of which is now being seen.
68% jump in festive sale, highest order of kitchen items
Sales of popular online shopping website Meesho increased by 68 percent in the festive sale of September. It got around 3.34 crore orders in SAIL. In the first 10 days of October, Meesho has listed 65 million active products across 30 categories with 8 lakh sellers.
According to the company’s founder and chief executive officer (CEO) Vidit Atre, about 60 per cent of the total orders received by the company came from tier-4 cities.
If the sales from other tier cities are also included, then the orders from here go up to 80 percent. India has 10 cities in the second category, while the fourth category has the highest number of 29 cities.
Let us understand through the graphic here, which city has been placed in which category-
Diwali’s Lakshmi gives strength to the economy
There is a massive sale during the festive season, which also strengthens the economy of the country. A survey by global research and analysis group YouGov has found that 58 per cent of urban people have made a Diwali shopping plan, while 39 per cent are preferring to shop online.
62% of men prepare for shopping, 55% of women will also shop
The same survey shows that men are ahead of women in preparing for shopping during the festive season. 62 percent of men said that they are ready to shop on Diwali, while 55 percent of women are ready for shopping. However, the effect of the increasing trend of online shopping has also been seen in this survey.
According to this, two out of every five people are creating a shopping mood during the festival season due to festival offers and discounts from e-commerce companies.
Online buyers doubled, increasing penetration in tier-2 cities – RedSeer Report
A report by RedSeer has estimated that the number of online shoppers is expected to double in the festive season this year as compared to 2018. According to an estimate, 5 crore small and big and expensive gift items are transacted on Diwali.
A big part of this is also online shopping. It has also been said in the report that this festival season will also boost the market of different things.
According to Sanjay Kothari, Associate Partner, RedSeer Strategy Consultants, online shopping in fashion is also expected to increase this year. The demand seems to be increasing especially in Tier-2 cities. Online shopping in fashion will increase four times as compared to 2018.
Readymade shopping in festival season, new brand craze among women
According to the recently released Deloitte’s Global State of Consumer Tracker report, people are spending lavishly on shopping for clothes and household and decorative items besides traveling.
Regarding new products and brands, Meta Technologies has said in the annual Consumer Insight report that this time on Diwali, consumers are more focused on buying new brand clothes.
For this reason, there is a craze among the shopkeepers and dealers regarding the new brand product. Women have a different craze about clothes. Anarkali Dress, Dhoti Kurti Set, Pastel Saree, Embroidered Ethnic Jacket, Peppy Palazzo, Printed Dupatta and Multi Color Printed Kurti are being bought more and more.
Gift Voucher Trend Know the game of vouchers in gift shopping
When it comes to gifts, first consider this interesting news as well-
Jayanthi Lal runs a jewelery shop in Chennai, the capital of Tamil Nadu. But this Diwali, considering his employees as family members, happy with their work, he has gifted cars and bikes. None of the employees expected such a gift. Apart from giving gifts, when Jayanthi Lal said that the entire staff is like a family, many employees got tears in their eyes.
If you are also thinking of giving gifts to your friends and family on the occasion of Diwali. But if you do not understand anything, then you can definitely consider a gift card.
Let us know what is a gift card and how can we use it-
Now you must have understood how big the economy gets due to the festival. But during this time, due to being cheated about the purchase, there may also be a breach in the color. In such a purchase, but also be careful.
Graphics: Satyam Parida
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