Majority of retailers expect festive season biz to be down by 25 per cent: Report

The survey, which was conducted online with organisations with over Rs 500 crore revenue, and took responses of more than 100 CXOs (top management officials), found that “60 per cent expect festive seasons to go down by 25 per cent versus last year”.

New Delhi: A majority of retailers expect festive season business this year to be down by 25 per cent compared to last year due to the impact of coronavirus pandemic and many of them are considering cancelling or deferring orders due to reduced festive forecasts, according to a report by consultancy firm BluePi Consulting. As per the ‘Retail Thought Leadership Survey Report 2020’ by BluePi Consulting, 61 per cent of retailers are worried about inventory and wages, and 77 per cent indicated a shift of marketing spend towards consumer loyalty, promotions and discounts.

The survey, which was conducted online with organisations with over Rs 500 crore revenue, and took responses of more than 100 CXOs (top management officials), found that “60 per cent expect festive seasons to go down by 25 per cent versus last year”.

“More than half the retail organisations have seen their forecasts for festive seasons go down 25 per cent or more compared to last year. Given that festival season sales account for a significant portion of sales book each year a downturn in the festival season sales would mean a longer road to recovery,” BluePi Consulting said.

Courtesy: Economic Times

Image Courtesy: Business Standard