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The Independence Day long weekend had retailers celebrating as discounted stock moved quickly and fresh merchandise flew off the shelves.
Consumer electronics also saw high demand over the weekend, as easy monthly instalments and steep discounts attracted buyers to stores.
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Independence Day and Republic Day sales are increasingly becoming major events where shoppers eagerly take advantage of discounted merchandise.
“We saw a good pickup in sales, with value growth of 10-12 per cent and volume growth of 5-6 per cent during the long weekend,” Nilesh Gupta, managing director at Vijay Sales, told Business Standard. He added that these days are becoming a buying festival for consumers, with the electronics chain offering discounts of up to 45 per cent.
Fashion and lifestyle retailers were also pleased to see fresh stock flying off the shelves, a trend that began to emerge in early August.
Apparel retailers have been offering discounts since early June, driven by muted sales during post the festival season, which continued into till June. July onwards, retailers started to witness green shoots.
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Retailers noted that signs of increased demand began appearing in June, with the pace picking up in August.
While stores had started reducing the display of discounted items, retail chains saw around 60 per cent of fresh stock fly off the shelves.
“Close to 60 per cent of our sales were from fresh stock during the long weekend, which is 10-15 per cent higher compared to July,” said Devarajan Iyer, chief executive officer (CEO) of Lifestyle.
Iyer added that like-for-like growth was in the single digits, while overall growth was in the double digits during the long weekend.
“The entire month of August is performing well for us,” he said, noting that growth was strong across markets.
Pepe Jeans also saw 60 per cent of its fresh merchandise in higher demand, 35-40 per cent more than during the end-of-season sale (EOSS).
“The trend has been positive throughout the long weekend. Although there were some disruptions on Saturday in certain malls, the overall trend remains intact, with double-digit value growth,” said Manish Kapoor, CEO at Pepe Jeans India.
Footfall at malls also increased. Infiniti Mall, which operates two malls in Mumbai, saw a 15-20 per cent rise in footfall compared to regular weekends, which had been stagnant in July due to heavy rains.
“We have witnessed a 5-8 per cent increase in overall consumption and sales across categories in the mall compared to EOSS in 2023,” said Gaurav Balani, deputy general manager — marketing, Infiniti Mall.
Festive bonanza
Consumer electronics saw high demand during the long weekend as easy monthly instalments, along with steep discounts lured buyers to flock to the stores
Independence Day and Republic Day sales are becoming major events where shoppers take advantage of discounts
Fashion and lifestyle retailers witnessed fresh stock flying off shelves, a trend that began to emerge in early August
Fashion company Lifestyle had close to 60% sales from fresh stock during the long weekend, which was 10-15% higher compared to July
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