Purchase record made before Chhath PujaImage credit source: Unsplash
Diwali and Chhath are two such big festivals, in which people from the two most populous states of the country, i.e. Uttar Pradesh and Bihar, do a lot of shopping. Therefore, both the festivals are considered very auspicious for the economy, but now a new trend is being seen in the market. People buy by asking for loans or credit. A new record has been achieved in this.
This Diwali was celebrated on October 31 and November 1. The Chhath festival will also begin on November 5 and continue till November 8. While people had started shopping for these festivals on the occasion of Dussehra itself and this time a new record of purchasing on credit or loan has been achieved in these purchases.
Loan purchases doubled
According to a report by Goquik Network, this year in online shopping during festivals, purchases made on credit or loans have doubled compared to last year. Last year it was 3.49 percent, and this year it has increased to 6.9 percent.
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This has two meanings, one is that people now satisfy their hobbies or needs through loans or credit. Secondly, it also shows an improvement in consumer confidence in the economy. This year, ahead of Diwali and Chhath, an annual growth of 13 per cent has been witnessed in terms of prepaid orders, i.e. payments in advance.
This year there has been an 8 percent decrease in cash on delivery orders. One of the reasons for this is that e-commerce platforms improve their payment and refund systems.
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Option to buy on credit.
Nowadays, buying on credit and loan has also become easy. On e-commerce platforms, people have the option of “Buy now and pay later.” At the same time, many digital payment platforms also offer other options such as advance salary or line of credit. At the same time, people now prefer to purchase through credit and debit card EMI option.
