Hope restocked on festive shelves; companies plan higher discounts for turnaround in sales
'We are cautiously optimistic about July-September after a subdued last year, with many festive occasions in the quarter,' said Pushpa Bector, senior executive director and business head at DLF Retail, which owns and operates several premium malls. 'With festivals coming earlier this year, brands across categories such as fashion, gifting and luxury goods have advanced inventories and promotions.'
Brands and retailers hope that discounts, projected to be 20-50% higher compared with last year, will encourage consumers to spend, and boost their performance in the July-September quarter after a muted 12-month period and a rain-impacted April-June quarter.
A strong beginning to the festive season, they hope, will set the momentum for the big Diwali shopping period in October, and they are doubling down on discounts and sales across offline and online platforms.
'This year, for the first time, we're extending Prime Day to three days,' said Akshay Sahi, Amazon's director, Prime, delivery and returns for India and emerging markets. Prime Days, one of the main shopping events on the ecommerce platform, has been for two days in the past. The online retailer has announced up to 10% discount on several brands during the July 12-14 event.
At Myntra, one of the key features this year would be quick deliveries under its MNow service, 'to cater to key occasions like Rakhi, where gifting takes centre stage', said Ankit Dua, senior director, category management at the Walmart-owned online fashion retailers.
Snacking giant Haldiram's said it has begun stocking festive packs for Teej which falls on July 27, at its stores and on online platforms. A spokesperson for the DS Group, which retails premium chocolate brands Laderach and Luvit, said the company is boosting inventory of festive packs and creating bundling options.
Mayank Shah, vice president marketing at bakery products maker Parle Products, said there would be much higher discounts compared to last year, both online and offline.
RETAIL TURNAROUND
Sales across discretionary sectors slowed down to 4-5% on an average in the past 12 months from 9-10% a year earlier, according to industry estimates, dragged by inflation and urban stress. In last year's festival season, retail sales grew 7%, falling short of industry expectations of 10%.
But the $900 billion retail industry may now be on a recovery path, show latest data, with Retailers Association of India last week reporting a 7% expansion in May and projecting 9–10% growth during the next two quarters. The industry is also hopeful that this year's plentiful monsoon would help boost demand, especially in rural markets.
The jewellery industry though remains under pressure amid high gold prices, though the prices fell by Rs 5,000 per 10 gm in the last 15 days. But they too expect the festivals to bring cheer.
'Despite falling prices, there has not been significant interest among consumers,' said Surendra Mehta, national secretary of the India Bullion & Jewellers Association.
'However, jewellers are restocking in advance and introducing new lines in anticipation of higher sales in the upcoming festive season.' Varghese Alukkas, managing director of jewellery retailer Jos Alukkas, said his company is working on plans to boost sales, including offering lower denominations of gold coins and silver coins against gold and diamond jewellery.
Saurabh Gadgil, chairman of Pune-based listed jewellery firm PNG Jewellers, said the chain would continue with 50% discounts on making charges till July 15 to clear out old inventory and bring in additional customers.
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