Bengaluru | 25th November, 2020: The festive sales this year were even bigger than 2019 especially among youngsters, says slice - a leading credit and payments startup designed exclusively for millennials and gen z. Data on spending patterns finds that among young Indians (between the ages of 18 and 30), spending during festive sales was 77% higher in 2020 when compared to 2019. Out of this, 74% of transactions took place digitally while a mere 26% happened offline.
Amazon also emerged as a preferred online shopping destination for young Indians followed by Flipkart. Between Flipkart and Amazon - almost 60% users shopped on Amazon vs 40% on Flipkart. However, when compared with the whole Flipkart group, including Myntra and Jabong, the split between Amazon and Flipkart group stands at 45% and 55% respectively
We have also seen a steady increase in the acceptance and adoption of EMI-based purchases among this generation. Among digital transactions during the festive period in 2020, 71% of the purchases were on EMI, with four months being the average chosen tenure. This is once again higher than that compared to 2019 - where the share of EMIs was 58%.
Sharing these insights, Rajan Bajaj, CEO & Founder, slice said, “Starting September, we have seen a major revival in spending among youngsters. Not only has it gone back to pre-covid times, we have in fact seen a 150% increase in transaction volume per customer. While opening up of the lockdown has a role to play, the festive season has certainly fueled this further. Because of the pandemic, 2020 has been a difficult year and festivities are certainly playing an even more significant role in reminding youngsters of a more joyous and fun time.”
Rajan also added “E-commerce sites have emerged as the primary shopping destination for young Indians. Amazon and Flipkart combined have contributed to 21% of our overall transaction. In fact, we have seen our highest transaction volume ever during the festive season this year. No-cost EMI options for ecommerce platforms have seen a surge in popularity among youngsters and will continue to play a massive role in enabling them to shop independently.”
Methodology:
Slice has arrived at this data by:
- Analysing spending patterns of 200,000 people
- Between the ages of 18 - 30 years
- Compared festive periods in 2019 and 2020 - which are typically pre-diwali periods when ecomm sites open up for sale
- 1st October to 17th November, 2020 and September 20 to November 01, 2019 respectively
About Slice
Slice is India’s leading payments and credit start-up for young Indians. Founded in 2016, slice has designed a card that is an alternative to traditional credit cards. Today, slice is a market leader and has emerged as a preferred card of choice for gen z and millennials across 20 major cities in India.
Slice’s vision is to be the first card for millions of young Indians. Their focus is on assisting their customers through their financial journey through innovative & customised solutions as well as through a complete VIP customer experience. Their NPS is ~70 which has helped them drive most of their growth organically & through referrals.
Slice is backed by leading VCs such as Gunosy Capital, Das Capital, Finup, Blume Ventures India, Simile Venture Partner, EMVC, Tracxn Labs, Better Capital, Sachin Bansal's Navi alongside angel investors such as Kunal Shah.
For more information, please visit: www.sliceit.com
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