BackMore Indians eager to shop this festival season: Report
Shoppers showed higher intent to buy apparel (63%), followed by home appliances and electronics (50%) and mobile phones (36%)
PremiumNew Delhi: More shoppers in India have shown eagerness to shop this festival season compared to a year ago period, industry body Retailers Association of India (RAI) said in a Festive Shopping Index, released on Tuesday.
94% of the respondents are excited to shop during the ongoing festival season compared to 80% last year, according to findings of the survey. Shoppers showed higher intent to buy apparel (63%), followed by home appliances and electronics (50%) and mobile phones (36%). Jewellery is back among the top things to buy this festive season climbing up steadily compared to a year-ago period.
Meanwhile, about 43% of respondents said they were willing to spend in the range of ₹15,000- ₹1,00,000; 9% are looking at spend over ₹1,00,000, up 4% from the last year.
The Festive Shopping Index is an annual survey conducted by RAI and LitmusWorld that captures consumer sentiment during the festive season.
The move spells positive news for the country’s retailers. Festive season sales account for significant chunk of annual sales for retailers selling apparel, electronics products and household furnishings.
Retailers across the board reported a strong recovery, with sales in September reaching 96% of pre-pandemic levels, according to the sales data released by RAI earlier this month. The strong rebound across categories hint at a “turnaround" for the retail sector this festive season, RAI said then.
Kumar Rajagopalan, CEO, Retailers Association of India (RAI) said consumers have indicated an “overwhelming" eagerness to shop this year.
“More than half of the respondents plan to shop for themselves as well as for their loved ones. This augurs well for retail businesses and may lead to a turnaround. Retailers are hopeful that the positive sentiment continues and are hoping that a third wave of the pandemic doesn’t eclipse the Diwali glow," he said.
The spending points to “pent-up" demand emerging this festive season, said Khushaal Talreja, head of marketing, LitmusWorld. Indian consumers are in the mood to shop, he said.
“This has triggered the revival of a very positive festive shopping sentiment. The index has also shown a significant upsurge in the share of wallet for high value purchases across categories," he added.
The survey reflects the rise of omnichannel shopping with online being the primary mode of discovery, RAI said. Meanwhile, shoppers are likely pick non-cash mode of payments as well with credit cards (59%); followed by debit cards (51%) and UPI (40%).
As many as 21% respondents indicated that they would opt for EMI or pay later schemes when shopping.
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