Despite the pandemic triggered financial crisis, India might witness an increased spending on electronics during the coming festive seasons. A recent study has revealed that a good majority of the people are saving money to spend on white goods.
More than 3 in 4 Indians have been saving in the past few months to splurge on electronics and gadgets this festive season, according to ZestMoney, an AI-driven EMI financing and Paylater platform.
The pan-India survey which received approximately 12,200 responses suggests that 74 per cent of the respondents said they have been saving for the upcoming festive season.
While 48 per cent said budgets have been impacted this year, 80 per cent of those surveyed wish to choose EMI options to plan their finances better this year.
“It is interesting to note that 52 per cent of them revealed that they planned to spend more or the same as they did last year,” the findings showed.
While 42 per cent plan to visit retail stores in coming months, 52 per cent said they will prefer online gifting for family and friends.
“Online habits of consumers are here to stay with the boom in demand for e-commerce services. COVID-19 has not only changed how people plan their purchases but how they want to fund them too,” said Lizzie Chapman, CEO and Co-founder of ZestMoney.
“Some of our partners have witnessed a 100 per cent increase in EMI transactions signalling the importance of affordable solutions in boosting demand. There is increased interest in Buy Now, Pay Later solutions especially for big ticket items,” Chapman added.
Affordability solutions play a crucial role in these times as people cope with the economic uncertainty induced by COVID-19.
The online medium continues to be the preferred choice, with 62 per cent respondents planning to shop online for most of their needs.
“We have noticed that people want to plan their finances better and that same trend is playing out in the survey”, Chapman said.