The festive sales this year were even bigger than 2019 especially among youngsters, says slice – a leading credit and payments startup designed exclusively for millennials and gen z. Data on spending patterns finds that among young Indians (between the ages of 18 and 30), spending during festive sales was 77% higher in 2020 when compared to 2019. Out of this, 74% of transactions took place digitally while a mere 26% happened offline.
Amazon also emerged as a preferred online shopping destination for young Indians followed by Flipkart. Between Flipkart and Amazon – almost 60% of users shopped on Amazon vs 40% on Flipkart. However, when compared with the whole Flipkart group, including Myntra and Jabong, the split between Amazon and Flipkart group stands at 45% and 55% respectively.
We have also seen a steady increase in the acceptance and adoption of EMI-based purchases among this generation. Among digital transactions during the festive period in 2020, 71% of the purchases were on EMI, with four months being the average chosen tenure. This is once again higher than that compared to 2019 – where the share of EMIs was 58%.
Sharing these insights, Rajan Bajaj, CEO & Founder, slice said, “Starting September, we have seen a major revival in spending among youngsters. Not only has it gone back to pre-covid times, but we have also in fact seen a 150% increase in transaction volume per customer. While opening up of the lockdown has a role to play, the festive season has certainly fueled this further. Because of the pandemic, 2020 has been a difficult year and festivities are certainly playing an even more significant role in reminding youngsters of a more joyous and fun time.”
Rajan also added “E-commerce sites have emerged as the primary shopping destination for young Indians. Amazon and Flipkart combined have contributed to 21% of our overall transaction. In fact, we have seen our highest transaction volume ever during the festive season this year. No-cost EMI options for eCommerce platforms have seen a surge in popularity among youngsters and will continue to play a massive role in enabling them to shop independently.”
Slice has arrived at this data by:
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2014 The Global Indian New Network (TGINN)