After GST cut, there will be rain of money in the market! This time people are in a mood to spend more on festivals
This time the festive season is going to be different because the announcement of reduction in GST has given a big relief to the common man. A recent survey revealed that this time people are planning to do a lot of shopping during the festivals.
As the festive season has begun, the markets have come alive again and this time the picture is completely different from previous years.
Due to many reasons like reduction in GST rates, good rains and improvement in economic condition, the mood of the people seems to be very positive this time.
According to a recent survey by Local Circles, this time urban families are planning to spend more, due to which there will be a lot of activity in the market.
New record of expenditure during festivals!
A study by Local Circles shows that this year 6 out of 10 people are planning to spend at least Rs 5,000 or more. This time an expenditure of about Rs 2.19 lakh crore is estimated in the entire festive season, which is about 18% more than in 2024. This will directly benefit the market and traders and will also create new employment opportunities.
The growing threat of e-commerce platforms
The trend of online shopping has grown tremendously this year. While the use of e-commerce has increased by 115% compared to last year, this year 28% of people are going to do their shopping online. The reason for people's increasing inclination towards online platforms is convenience, variety, discounts and offers, and easy return policy.
According to the survey, the most important thing for those who are shopping online is trust. That is, the quality of the product, the right price and hassle-free returns are the most important factors.
What things will cost the most?
This time, the biggest part of people's spending is going on smartphones, electronic items and home decoration. 44% of the people surveyed are in the mood to spend on smartphones and electronics, while the same number of people are going to spend money on home repair or decoration products. Apart from this, ration, fashion and beauty products are also on top of the list.
The market will get a new boost
More than two lakh people from 319 districts of the country participated in this survey. 61% of the respondents were men and 39% were women.
This time the festival season can prove to be a big booster not only for happiness but also for the economy. The mood of the customers has improved due to the relief in GST, due to which money will circulate in the market and many sectors will regain their shine.