A recent survey by Paisabazaar, an online marketplace for consumer credit, reveals that 85% of credit card users in India chose e-commerce platforms for their festive shopping in 2023. The survey, which gathered insights from 700 credit card holders, highlighted that 68% of respondents were salaried, with 76% under the age of 35. More than half of the participants (48%) exclusively shopped online, while 45% made mostly online purchases with some in-store buys, and just 7% preferred traditional in-store shopping.
The increasing trend of online shopping during festive seasons is largely driven by the wide array of discounts and special offers. Around 85% of respondents reported planning their purchases around online deals, especially those tied to credit card promotions.
Credit card spending on e-commerce platforms has seen a significant rise. In April 2023, online credit card spending totaled US$ 11.20 billion (Rs. 94,516 crore), representing 60% of total spending. This share increased to 63.4% in July and peaked at 65.3% in September. During September and October, e-commerce sales soared to approximately US$ 12 billion (Rs. 1,01,271 crore), reflecting a 23% year-on-year growth.
The survey also found that over 80% of credit card users who shopped online during the festive period took advantage of card-specific offers. Popular platforms such as Amazon and Flipkart saw extensive use, with users favoring higher cashback and no-cost EMI options. Gadgets, clothing, accessories, and home appliances were the most sought-after items during the festive sales.
