Credit Cards, loans, EMI schemes in demand as consumers get bullish on festive season
Consumers have been flooded with massive offers by banks and other companies in a bid to boost sales.
It's festive season time and everyone is preparing their own list of expenses in order to enjoy the looming festivals in full. Citizens use festivals as an opportunity to make major purchases, especially during Diwali season. Consumers have been flooded with massive offers by banks and other companies in a bid to boost sales. Things on the shopping lists? It can be anything - from wedding purchases, house, jewellery, vehicles or even travel with the family.
Aditya Kumar, Founder & CEO Qbera.com said, “The festive season is certainly a great time and Qbera witnesses a spike in the number of customers seeking access to instant credit. The demand definitely increases during festival seasons as people look to make purchases towards gifts, home appliances, gadgets, or even plan a vacation.”
Meanwhile, Anuj Kacker co-founder and COO, MoneyTap said, “In India, festivals are considered an auspicious time to shop. The demand for Credit Card EMIs rises significantly during the festive e-commerce sales. But we have also seen a spike in cash demand for home renovation, festival preparations, down payments, etc.”
Last year, majority of consumers and retailers were hit due to GST’s ongoing change in tax rates of various items.
However, this time, GST has come as a good news for both consumers and retailers.
Gaurav Gupta- Co-founder and CEO, MyLoanCare.in said, “GST related teething issues and subdued sentiments are now a thing of the past. There is general bullishness among both the consumers and retailers, rising fuel prices notwithstanding.”