Shoppers Are Expected To Indulge In Revenge Buying During The Festive Sales, Says Report. We Could Really Use Some Retail Therapy
We’ve spent almost a year in quarantine and while people are missing going out, eating at their favourite cafes and meeting friends, I have terribly missed splurging on some fashion things I didn’t need. This has been the longest I’ve gone without shopping. My mom’s obviously happy. Not me. Ever heard of revenge buying? Well, experts say that shoppers like me will be indulging in revenge buying this festive season and fashion and beauty industries will particularly see a massive hike in sales. I think they’re right. I know I’m going to get my revenge for keeping my purse strings fastened for months now.
Back when the lockdown started lifting, there were speculations about consumers’ buying habits post Covid. It is expected that customers will flock to the stores and overindulge in shopping to compensate for the time they couldn’t. This buying pattern known as revenge buying was witnessed in China after the shops opened up post months-long lockdown and the same is expected in Indian retail.
When the pandemic started, we were pretty much clueless about how this virus spreads and were extra careful with everything we touch and bring home. I wish I could say not much has changed since the cases are still increasing in India, but now is the whole other story. People seem to have taken the phrase ‘atithi devo bhava’ too seriously and are showing no intent of combating the virus. SMH! Anyway, due to the lockdown and the fear of virus in some of us, the retail industry took a serious hit. But now since finally malls are opening, stores are pulling their shutters up and oh, some really decadent sales are coming up, cause festive season, shoppers will be thronging to shops to well, get their revenge.
🛒 Online retailers in India could notch up cumulative sales of around $6.5 billion, according to @forrester https://t.co/F4uLtvJcLz @AditiS90 & @Alnoor_ET
— ETtech (@ETtech) October 16, 2020
Also Read: 5 Ways In Which Shopping Is Likely To Change After Coronavirus. Think Virtual Trial Rooms And The Like
Not just the offline stores but online e-commerce websites like Flipkart, Amazon and Myntra will be jampacked with eager buyers during their festive sales which are already up and running. Amazon’s Great Indian Festival (which starts tomorrow for the non-prime members) and Flipkart’s Big Billion Days Sales are two of the biggest ecommerce sales of the year that offer hefty discounts on all categories.
Redseer, a management consulting firm surveyed Indian consumers to estimate their buying habit during the upcoming festive sales. It states that about 90% of customers looking ahead for the sale with their carts full. If you’ve been beating the urge to splurge all this time being locked up in home, you are one of these 90% customers who will be revenge buying this year.
The report says, out of these 80% will be spending their big bucks on fashion which makes sense considering clothing and accessories are always on top of the list during festivals. Plus, this time, it also happens to be the single biggest excuse for us to dress up in months. So, things look good for the fashion brands this festive season. Same could be said for the beauty industry.
Mrigank Gutgutia, the director of e-commerce at RedSeer Consulting told Livemint, “This year, the consumer sentiment says that individuals might not trade up for a premium model, under the smartphone category, and focus on value brands. Also, with supply chain constraints, total dollar value of smartphone sales will not increase much, while electronics and appliances may do well this year.”
The Indian fashion retail is really upbeat about the upcoming festive season and hoping for skyrocketing sales to mark the recovery path for the industry.
Read: https://t.co/WemPvuobe2#festive #India #Omnichannel #programmatic #advertising #Retail #DigitalMarketing pic.twitter.com/ecsxL3X8nA
— AroscopOfficial (@AroscopOfficial) October 13, 2020
These pre-Diwali sales are excellent for switching up look and revamp your wardrobe for the changing season as there are tempting discounts and you could really score a great deal. The Redseer report also says that a fashion consumer is expected to spend close to ₹5000 during these fashion sales. It’s doesn’t sound too much after holding back for a year and finally getting to revenge buy, I guess and that too around festivals. I know my mom will be of different opinions, though.
The fashion brands and retailers are expecting the revenge buying behaviour in Indian customers and are ready to welcome a big wave of people shopping during the festive season. The sales serve as the perfect opportunity to finally spend and stock up on fashion buys you didn’t get to in the lockdown. Also, I feel after everything we’ve been through, we could really use some retail therapy. We owe this to ourselves after staying away from shopping stores and sites and holding on to those pennies for so freaking long.
PS, It’s Prime Day and I have already placed my order aka got my revenge. What about you?
