Indian consumers are planning to spend more this festive season in comparison to previous years, with 85.82 percent of consumers planning to spend more, with approximately 40 percent of consumers expected to spend above Rs 10, 000.
According to the latest report on festive shopping outlook by Shopify, the majority of consumers plan to loosen their purse strings, 25.16 percent of shoppers are cautious about their festive spending owing to inflation-related concerns.
25.71 percent of respondents plan to spend only on essentials over big-ticket purchases and 24.51 percent plan to make the most of the deals.
“With some uncertainty around the global economy, buyers are more cautious about where they spend, however, deals and discounts for fashion, electronics, and essential items and support for local brands have boosted overall spend,” said Bharati Balakrishnan, Country Head, and Director, Shopify India.
In terms of channels, 78.57 percent of consumers are preferring to shop online more than they did before the Pandemic.
Further, shoppers are more actively using digital methods of payment such as UPI followed by credit cards, net banking, and reward points.
Category-wise clothing and accessories are leading with demand from over 80 percent of respondents closely followed by the demand for dry fruits, sweets and chocolates, and home electronics and gadgets.