This festive season seems to be working in favour of retailers. Consumers, who so far were showing averseness to spending, have suddenly turned to stores and malls showing a distinct preference towards buying premium products.
Leading retailers for example, Shoppers Stop, Lifestyle, ITC Wills Lifestyle and Future Group apart from electronic brands like Samsung and Sony are witnessing heightened shopping since Dussehra. The average billing size has gone up by 10-15 per cent over the same period last year. The two other retail sector indices -- footfalls and same-store sales -- too have gone up sequentially by 10 to 15 per cent in the last one week as compared to last year.
Shoppers
Stop MD Govind Shrikhande says this year’s Diwali is more buoyant than last year with consumers showing positive sentiment. What has triggerd the optimism is an improvement in economic scenario which has successfully helped in removing the negativity in the market. In Shoppers Stop for example, women’s wear, beauty products, men’s ethnic and casual wear are fast moving-off-the-shelves with average billing going up by 8 per cent.
Premium apparel retailer, ITC Wills Lifestyle too is reporting brisk sales of light winter wear along with festive wear line especially developed by designer Ritu Kumar across its 90 stores. Average billing size has shot up from Rs 3,800 last year to almost Rs 4,500.
It may be noted that even a recent study by Nielsen Company had reported that Indian consumers are the most confident globally. Almost half of the respondents in India said they consider it to be a good time to buy things they want and need, with most of the purchases focused on new technology products and clothes. Indeed the festivities have brought in many reasons to smile both for the consumer and retailer/brands.
