80 pc Indians Plan to Shop and Travel This Holiday Season
80 pc Indians Plan to Shop and Travel This Holiday Season

Over 80 percent of Indians are planning to celebrate the holiday season with family and look to spend the most on travel and shopping.

According to Amex Trendex, a trend report from American Express, 88 percent of Indian respondents agree that they want to earn credit card rewards for online purchases this holiday season. 

The survey states, “With a desire to spend more quality time with loved ones 8-in-10 (87 percent) Indian consumers agree that they are thinking about starting or restarting the tradition of traveling during the holiday season as they agree that their fondest memories are from holiday family vacations.”

Supporting the local economy is important for Indian consumers as 6-in-10 respondents are planning on spending more at small businesses this holiday season compared to 2021.

“We see two strong shifts in the Indian consumer’s spending patterns this holiday season. One, there is higher indulgence in experiences they would like to share with family and friends, and two, there is a shift towards more thoughtful gifting like sustainable products from local brands, thereby supporting smaller entrepreneurs or local shop owners,” said Sanjay Khanna, CEO, American Express Banking Corp India.

The report said the majority of the respondents have expressed their intention to spend their holiday season by experiencing at least one event.

With offline events making a comeback, 62 percent of respondents are inclined toward music festivals, whereas 56 percent are looking forward to sporting events.

 
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Differences Between Store Retail and Non-Store Retail
Differences Between Store Retail and Non-Store Retail
 

In today's dynamic retail environment, understanding the nuances between store retail and non-store retail is crucial for entrepreneurs and business owners. These two retail models cater to different customer needs and preferences, shaping the way we think about shopping and commerce.

Store Retail: The Traditional Touchpoint

Store retail, often synonymous with brick-and-mortar stores, offers a tangible shopping experience. Customers value the sensory engagement – the ability to touch, feel, and try products. This model thrives on personal interaction and immediate gratification. A customer in Chennai shared, "I prefer store shopping for clothes, as I can try them on for the perfect fit." Indeed, a 2023 survey revealed that 65% of shoppers prefer buying certain items in-store due to these factors.

Moreover, store retail supports the local economy. Small businesses and retailers form the backbone of communities, offering personalized services. A study by the Retailers Association of India highlighted that small retail businesses contribute significantly to local employment, accounting for about 10% of the workforce.

Non-Store Retail: The Convenience Revolution

On the flip side, non-store retail, which includes online shopping, direct selling, and telemarketing, has transformed the retail landscape. The ease of shopping from anywhere at any time is its biggest allure. A Bengaluru-based entrepreneur mentioned, "Online shopping has been a game changer for my business, allowing me to reach customers nationwide."

Statistics reinforce this trend. In 2023, e-commerce in India saw a 30% growth, indicating a shift in consumer behavior. This model also offers wider selections and competitive pricing, driven by lower overhead costs.

Balancing Both Worlds

For businesses, the key is in balancing both models. A hybrid approach caters to diverse customer preferences. An innovative example is a Mumbai retailer who integrated QR codes in their physical store, enabling customers to scan and learn more about products online.

Comparative Overview of Store vs. Non-Store Retail

Here's a tabular comparison highlighting key differences:

Aspect Store Retail Non-Store Retail
Customer Experience Sensory engagement, personal interaction, immediate gratification. Shopping from anywhere, anytime convenience.
Economic Contribution Contributes to local employment (approx. 10% of workforce in India). Rapid growth (30% increase in e-commerce in India, 2023).
Product Interaction Ability to touch, feel, and try products. Often relies on product descriptions and reviews.
Customer Preference Preferred for certain items (65% of shoppers for clothes, as per 2023 survey). Increasingly popular for a wide range of products.
Business Model Requires physical space, higher overhead costs. Lower overhead costs, wider reach.
Local Impact Supports local economy, community-centric. Less direct local economic impact, but broader market access.
Adaptation Innovating with technology integration (e.g., in-store QR codes). Continuously evolving platforms and delivery methods.

In summary, the retail terrain is characterized by the unique yet harmonious functions of store-based and non-store retailing. Store retail, celebrated for its tactile experience and instant satisfaction, remains a favored choice for many shoppers, especially for items where physical interaction is key. Conversely, non-store retail has transformed the way we shop through its unparalleled ease and extensive scope, propelled by the expansion of digital platforms.

 

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