Mobile, electronics and consumer durables, home and general merchandise accounted for 75 per cent of the sales during this period
Marking a 26 per cent increase as compared to the first week in 2023, the sales for the first week of this year’s festive season have crossed Rs 54,500 crore. As per a report by Datum Intelligence, this is nearly 55 per cent of the total sales during the festive period. Mobile, electronics and consumer durables, home and general merchandise accounted for 75 per cent of the sales during this period.
The report stated that shoppers from the tier-2 and 3 cities accounted for more than 70 per cent of the smartphones and television sales. As per the report, offers and equated monthly instalments (EMI) options are the top reasons for the festive shopping where more than 50 per cent buyers in TV, washing machine, laptops and refrigerators opted for EMI.
The report expected to the festive season sales to witness a growth of 23 per cent to reach Rs 1 lakh crore in 2024. Mobile and fashion categories dominate the festive spending by accounting for 50 per cent of sales. Quick commerce to account for USD 1 billion in sales which is around 8 per cent of the total online sales.
Highlighting the trend of increased spending by the shoppers, the report mentioned that around 65 per cent of the online buyers are set to spend more during this festive season. As per the report, around 60 per cent of festive buyers will spend more than Rs 15,000 during this festive season.
As far as the preferred marketplace for shopping is concerned, the report stated that Flipkart has emerged as the preferred platform followed by Amazon. Meesho has so far managed to be at third place while Myntra has been at fourth. Cash on delivery is still the preferred mode of payment with around 43 per cent of the consumers preferring it, while PhonePe is the second choice as far as the payment modes are concerned.
