A report by Redseer notes that this marks a four-to-fivefold jump in growth over last year’s muted start
Emphasising that the twin forces of Goods and Services Tax (GST) reforms and festive sentiment powered a wave of premium smartphone and television purchases, a report has revealed that the first two days'(22 and 23 September) sales surged by 23 to 25 per cent year-on-year.
This marked a four-to-fivefold jump in growth over last year’s muted start. According to Redseer, on day 0 and day 1, online retail gross merchandise value (GMV) grew 23 per cent to 25 per cent year-on-year. This is four to five times the growth compared to the first two days’ growth of festive sales 2024.
“The first two days have shown extremely strong growth through smartphones and a positive impact of GST on TV sales. In the coming days, sales of electronics and fashion are expected to pick up. As GST rates have dropped for fashion under Rs 2,500, premium fashion with Rs 2,499 will be interesting to watch,” said Nikhil Dalal, Associate Partner at Redseer Strategy Consultants.
The report mentioned that the first two days were for premium members on ecommerce platforms, which saw strong growth for some of the high-end products in smartphones and TVs. Large TVs and washing machines benefited directly from the GST reduction (28 to 18 per cent). Early data shows a 6 to 8 per cent drop in MRPs for leading TV brands (LG, Samsung, Sony), and then further amplified by festive discounts.
Over the years, the sales for the fashion category usually pick up slightly later during the sale period. However, this year, after mobile and electronics, mid-market apparel (Rs 1,000 to 2,500) saw traction of users, with GST dropping to 5 per cent, the report noted.
