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Economic Slowdown Spoils Festival Shopping

by GoNews Desk 1 month ago Views 798
Economic Slowdown Spoils Festival Shopping
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The effect of continuously-rising inflation is clearly visible in the online and retail markets.

The economic slowdown has impacted shopping so much that compared to last year, this year, despite the festival season, customers are doing less shopping in the online and retail markets.

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Only a few days remain till the arrival of Diwali and customers in the online and retail markets are being offered heavy discounts. But this year, till now, a sharp fall has been registered in shopping using online shopping sites.

According to a report by research consultancy firm Kantar, customers have shown little interest in online shopping due to economic slowdown and falling discounts by e-retailers. It is expected that the fall in sales in the past six months can be compensated for in the coming days. 

Before compiling its report, Kantar had conducted research on the online shopping behaviour of 50,000 customers. 

According to industry body NASSCOM, in 2018-19, the Indian e-commerce market was $38.5 billion. It was $33 billion in 2017-18. This year, due to the economic slowdown, the online market is expected to have a sales growth of 25-27% during the festive season. This will be 35% less compared to last year.

During Navratri, shopping worth Rs 1.5 crore was recorded on online platforms, which comes to $3 billion. Last year, the total e-commerce market was more than $50 billion. This year, the figure is expected to remain low.

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