A large chunk of Indians are planning to do online shopping this festive season, but a larger proportion of people are gravitating towards cash transactions, according to a recent Axis My India survey.
According to the survey, about 25 per cent of respondents are gearing up for their shopping spree ahead of Diwali. About 67 per cent wish to buy new clothes, with a large chunk of them planning to do so from local stores. A huge 79 per cent respondents said they would prefer cash for transactions over other modes.
The survey used computer-aided telephonic interviews from 4,980 respondents across 27 states and five Union Territories. Among them, 69 per cent were from the rural areas and the rest from urban areas.
Findings revealed that 56 per cent of respondents had a budget of less than Rs 5,000, while 24 per cent had a budget of Rs 5,000-10,000. About 11 per cent planned to spend in the range of Rs 10,000-20,000 and 7 per cent above Rs 20,000 but below Rs 2 lakh. A miniscule 1 per cent of those surveyed said they planned to spend more than Rs 2 lakh.
At least 67 per cent of people said they desired to shop for clothes and apparel and 13 per cent wanted a new mobile phone.
About 82 per cent of respondents said they would prefer to buy from physical retail stores with only a minor 10 per cent looking at online shopping platforms.
According to the survey, household spending saw an increase of 60 per cent. Spending on personal care and household items showed an increase of 44 per cent of the families, which is a 1 per cent increase from last month.
About 8 per cent of those surveyed said that the family’s expenses on non-essential and discretionary products such as air conditioner, car, and refrigerators had increased. A huge 37 per cent of families said that health expenses had surged. In total, the surge was calculated at 1 per cent, the survey said.
Consumption of media also showed an increase for 20 per cent of the families. Elsewhere, mobility increased for 7 per cent of the families. Mobility remained steady for 82 per cent of the families.
The November CSI score was found at +9 which is an increase of +1 from last two months, the survey said.
Pradeep Gupta, chairman and managing director, Axis My India, said: “Embracing the festivities, we are observing a retail renaissance in India with the convergence of legacy and innovation. Traditional
brick-and-mortar stores are mingling seamlessly with the swift clicks of online shopping carts. This harmonious blend signifies the evolution of Indian retail, where trust meets convenience, and tactile experiences find a parallel in digital exploration. As we kindle the lamps of Diwali in our homes, we are not only celebrating a festival, but also heralding a promising future. A future that deeply respects and upholds our traditions, yet boldly ventures into uncharted realms of commerce and technology.”