As India embraced the festive season last month, the nation’s economic landscape is illuminated with unprecedented optimism. With festivities like Navratri, Durga Puja, Dussehra, Diwali, Bhai Dooj, etc, celebrated from September-November, the festive fervor was at its peak with rebounding economic sentiments.
“Igniting the true spirit of Diwali’s grandeur, a soaring 137 per cent increase in sales of jewellery, a 32 per cent increase in sales for fashion and lifestyle brands and a 56 per cent increase in sales for women’s clothing, were noted during the festive season in 2023,” highlighted a recent festive payments trends report by Razorpay.
Additionally, adding a new layer of feasts to the season’s festivities, dining out, and savoring culinary experiences have become an integral part of our festive preparations which led to a whopping 48 per cent increase in transactions at restaurants, the Razorpay report further highlighted.
“Instead of indulging solely in shopping sprees, Indians invested in exploring new destinations, hinting at the desire for richer experiences. Diwali also became the festival of flights with a 2x increase in spends on flight tickets and a 35 per cent increase in spend on holiday accommodations,” the report stated.
Another recent report by Amazon India highlighted that there was about 140 per cent yoy increase in flight purchases (by value) compared to last year and customers for the first time, booked flights and hotels to over 350 international destinations.
Exciting bank discounts and cashback rewards during the month long Amazon Great Indian Festival 2023 helped customers save more than Rs 600 crores. Amazon Pay Later usage was 2.4x vs last year, with EMI share doubling as we expanded credit to Rs 1 lakh, the report further added.
It revealed that 1 out of 4 purchases were made on EMI and 3 out of 4 products were sold on No Cost EMIs. Approximately 3 in 4 prime members opted for Amazon Pay ICICI Bank co-branded credit card to avail exciting cashback offers. Usage for Amazon Pay ICICI Bank co-branded credit card grew 25 per cent while Amazon Pay UPI users grew 2x when compared with 2022.
