India's small businesses and jewellers see festive recovery

By

Isabelle Crossley

Published
Dec 9, 2020

Micro, small, and medium enterprises have seen sales rise during the festive season, sparking hopes of recovery. Jewellery retailers also saw their average ticket size increase during the festive period.

Small businesses are helping to lead India’s economic recovery from the devastating effects of the ongoing coronavirus pandemic, digital bookkeeping app, OkCredit, told TNN.

The app, which many businesses use to record their transactions on, saw MSMEs record faster recovery, especially due to the sale of festive themed goods, and this accounted for 55% of the growth it saw in overall transactions on the app. 

OkCredit also reported a rise in ticket size for jewellers, up 16% during the festive period compared to the months prior. This is in contrast to the wider trend of decreasing ticket sizes in other sectors which saw ticket sizes decrease by 22% in general, compared to the 2019 festive season. 
 
During the festive season, many jewellery brands emphasised the role of jewellery in human relationships and it appears that this marketing strategy has helped sales to rise again.

Local businesses were also promoted by a number of campaigns including the Union Government’s ‘Vocal for Local’ campaign and, despite the rise of big-business e-commerce, shoppers still appear to be patronising their local shops.