Credit card purchases increased, 3.5 crore smartphones to be sold by Diwali; UPI transactions also increased

New Delhi| As soon as the festive season starts, shopping has also started increasing. From smartphones to clothes are being sold extensively. More purchases are being made through credit cards on various online platforms. UPI transactions have also increased. Counterpoint report claims that sales of expensive smartphones are increasing this festive season. Sales of smartphones priced above Rs 45,000 have increased by 12 per cent in the first two weeks of October. A total of 3.5 crore smartphones are expected to be sold by Diwali. Festive sales account for 30 per cent of smartphones sold throughout the year. On the other hand, from October 3 to 12, there has been a 106 percent jump in credit card transactions on Razorpay. Transactions with UPI have also increased by 60 per cent. Total payments have seen an increase of 35-50 per cent.

E-way bill increased by 18 percent: Due to the festive season, e-way bill increased by 18 percent to reach 10.9 crore in September. Increase in e-way bill means that more GST will be collected from it. This simply means that people have done good shopping during the festive season. The e-way bill for October is expected to increase further.

Merchants believe customers have stepped up purchases for the past 10 days. There is expected to be good business for weddings during the festive season from October to the first week of November and thereafter.

Clothing and lifestyle retailers and shopping mall traders say that the festive demand for clothes has started coming back for the last two weeks. According to VMart, the trend of purchasing clothes will increase during Diwali and thereafter. This demand will last till the beginning of winter and wedding season. According to Centrum’s report, the demand for clothing at festivals could increase by 15 percent.

According to Amazon, corporate gifting has registered an increase of more than 134 percent in the first 10 days of this month. Total orders have grown by 95 per cent and the number of buyers by 107 per cent. Headphones have emerged as the most popular tech gift product in the electronics category.