Retail brands hope to beat economic slump with festive sales
Most industry heads say they are sure about the sales picking up during the festive season
The festive season is here and most brands, especially those in the retail sector, are expecting business to pick up pace after a period of lull because of the economic slowdown in the last five months.
According to Siddharath Bindra, Managing Director, BIBA, the festive season will be able to generate a good footfall and see an uptrend in the market. “The festive season is one such time when shoppers tend to spend considerably on new clothes and goodies. There can be a dip in the total amount being spent but irrespective of the slowdown consumers are going to spend on new purchases.”
“The growth in the industry may be slow now but we are confident that sales will pick up during the festive season, though it may not be as good as compared to the previous years,” Bindra explained.
Prasad Shejale, Co-founder and CEO of Logicserve Digital, says: “I don’t see a slump in digital ad spend. Also, since digital channels are more measurable and efficient, I foresee more number of brands driving budgets from traditional media to digital spends across sectors and this is expected to continue driving growth.”
Demonetisation in 2016 and implementation of GST in 2017 affected the overall industry and the retail sector has recorded single-digit growth due to the after-effects of these policy decisions, experts have said.
However, industry heads are expecting good times ahead. Suresh Nambiar, Chief Executive Officer, Pepe Jeans Innerfashion, also agrees that the industry’s performance will improve. In a recent interview to exchange4media, he had said that the brand will launch an outdoor campaign starting this festive season in 25 major cities spanning North and South India.
A recent report by MediaCom has indicated that festive advertising is expected to grow at 10 to 12 per cent as compared to 2018 to reach Rs 20,000 crore this year.
Kamal Kushlani, Founder and MD, Mufti, is also confident that the festive season will bring in good numbers. “Nearly 35% of sales comes from this quarter and we are looking at double-digit growth this year as well.”
“The key during this period is to provide personalised shopping experience, increase product portfolio, run value add schemes and promotions to push sales,” said Bindra.
He also spoke about the consumers planning their shopping around sale periods. “One of the biggest reasons for the slowdown is that the sale periods are becoming longer each year,” Bindra added.
It is to be seen where the industry stands at the end of the festive period and how big is the recovery.
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