Jewellery, apparel sales during Diwali dip amidst slowdown: Worldline report

By

Maverick Martins

Published
Oct 29, 2019

The jewellery and apparel sector witnessed a slowdown in sales during the festive season of Diwali amidst the overall slowdown in the Indian economy.
 

Sales were down compared to last year which was disappointing for jewellers and apparel retailers. With a slowdown in the economy resulting in poor second-quarter results, retailers and companies were hoping for some respite during the festive season.
 
However, according to data released by the transaction processing company, Worldline sales have further dipped which could have an impact on the overall financial results for the year.

Worldline in its reports said that the average ticket size in jewellery retail dipped by 66 percent to Rs 3,625 ($51) for Dhanteras and Diwali, while the same for apparel stores dipped 28 percent to Rs 1,746.
 
“Dip in average ticket size could likely be due to a positive change in consumer behaviour of using cards to pay for smaller value items and is an indication of higher uptake of digital payments,” the company said in a statement.
 
Even though the overall consumer sentiment remains weak as a result of the economic slowdown, consumer businesses across sectors are confident to make up for their losses in the coming months.