scorecardUPI set to drive festive sales this year, electronics to be top choice again: Report
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UPI set to drive festive sales this year, electronics to be top choice again: Report

UPI set to drive festive sales this year, electronics to be top choice again: Report
Business2 min read
Driven by UPI-based transactions, about 81 per cent of consumers intend to shop online during this festive season in India, while one in two consumers are willing to increase their spending compared to last year, a new survey report showed on Monday.

Digital payment methods are on the rise, with 42 per cent of consumers saying they will choose unified payments interface (UPI)-for online festive shopping.

In addition, 57 per cent indicated that their preferred digital payment method for earning rewards and cashback is UPI, especially during the festive season.

About 75 per cent are interested in buying electronic gadgets and products (smartphones, TVs, refrigerators and ACs), luxury and authentic beauty brands, home furnishing/improvement items and consumables, online, according to the report by Nielsen Media India, on behalf of Amazon India.

The survey said that 87 per cent of consumers in metropolitan cities and 86 per cent across tier-2 cities (population 10-40 lakh) prefer to shop online for the festive period.

"We are inspired to learn that consumers this year are excited and willing to spend and shop more online. As a marketplace, we are confident that the 'Amazon Great India Festival 2023' will offer a seamless shopping experience, incredible value and the widest selection of domestic and international brands and products," said Manish Tiwary, Country Manager India Consumer Business, Amazon India.

More than 70 per cent of consumers wait for online festive shopping events to purchase electronic items.

Over 75 per cent of consumers are excited with attractive bank offers and no-cost EMIs for making their purchase more convenient and rewarding, said the report.

Around 80 per cent consumers said online festive shopping events provide access to trendy brands for apparel, footwear, and various fashion accessories with nearly 64 per cent sharing their intent to purchase across these categories this festive season.

Driven by about 140 million shoppers, India is likely to witness Rs 90,000 crore worth of online gross merchandise value (GMV) in the festive month this year.

This is up 18-20 per cent from last year's festive month sales, according to a recent report by market research firm Redseer Strategy Consultants.

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