New Delhi: Extra buyers in India have proven eagerness to buy this competition season in comparison with a 12 months in the past interval, business physique Retailers Affiliation of India (RAI) stated in a Festive Procuring Index, launched on Tuesday.
94% of the respondents are excited to buy throughout the ongoing competition season in comparison with 80% final 12 months, in response to findings of the survey. Consumers confirmed larger intent to purchase attire (63%), adopted by house home equipment and electronics (50%) and cellphones (36%). Jewelry is again among the many high issues to purchase this festive season climbing up steadily in comparison with a year-ago interval.
In the meantime, about 43% of respondents stated they had been keen to spend within the vary of ₹15,000- ₹1,00,000; 9% are spend over ₹1,00,000, up 4% from the final 12 months.
The Festive Procuring Index is an annual survey carried out by RAI and LitmusWorld that captures shopper sentiment throughout the festive season.
The transfer spells optimistic information for the nation’s retailers. Festive season gross sales account for vital chunk of annual gross sales for retailers promoting attire, electronics merchandise and family furnishings.
Retailers throughout the board reported a powerful restoration, with gross sales in September reaching 96% of pre-pandemic ranges, in response to the gross sales information launched by RAI earlier this month. The robust rebound throughout classes trace at a “turnaround” for the retail sector this festive season, RAI stated then.
Kumar Rajagopalan, CEO, Retailers Affiliation of India (RAI) stated shoppers have indicated an “overwhelming” eagerness to buy this 12 months.
“Greater than half of the respondents plan to buy themselves in addition to for his or her family members. This augurs effectively for retail companies and will result in a turnaround. Retailers are hopeful that the optimistic sentiment continues and are hoping {that a} third wave of the pandemic doesn’t eclipse the Diwali glow,” he stated.
The spending factors to “pent-up” demand rising this festive season, stated Khushaal Talreja, head of selling, LitmusWorld. Indian shoppers are within the temper to buy, he stated.
“This has triggered the revival of a really optimistic festive buying sentiment. The index has additionally proven a major upsurge within the share of pockets for top worth purchases throughout classes,” he added.
The survey displays the rise of omnichannel buying with on-line being the first mode of discovery, RAI stated. In the meantime, buyers are seemingly choose non-cash mode of funds as effectively with bank cards (59%); adopted by debit playing cards (51%) and UPI (40%).
As many as 21% respondents indicated that they’d go for EMI or pay later schemes when buying.
Supply: Live Mint