This year, consumers will spend more than ever during the holiday season of October to November, which includes Dussehra and Diwali, as many break free from months of restrained spending.
According to predictions made by businesses, consultancies like Deloitte and Redseer, and industry groups like the Confederation of All India Traders (CAIT) and the Clothing Manufacturers Association of India (CMAI), consumer spending this festive season is predicted to total close to Rs 4 trillion across online and offline channels, which is 25% more than it was last year when it totaled close to Rs 3.2 trillion.
Spending over the festive season in 2023 will be 60% more than it was in 2019, when it totaled roughly Rs.2.5 trillion in both online and offline channels. Durables, electronic devices, apparel, fashion and lifestyle products, jewellary, toys and other gift items, kitchen appliances, personal care and beauty products, sweets and confectionary, and durables will all benefit greatly from this rise.
The first indication of holiday spending this year was provided on Friday by consultancy Redseer, which predicted that e-commerce platforms will sell goods with a gross merchandise value (GMV) of about Rs.90,000 crore, up from the Rs.76,000 crore recorded over the holiday season last year.
On the other hand, retailers of clothing, fashion, and lifestyle items are not only banking on the holiday shopping season but also on the forthcoming wedding season, which runs from November 23 to December 14 and begins after Diwali.
According to Deloitte, the food and grocery market will reach $1,230 billion in 2030, up from $600 billion today. Consumer durables, apparel and footwear, and gems and jewellary will each reach $ 175 billion, up from $85 billion, $75 billion, and $70 billion today.
