Early Diwali: Fomo, premiumisation light up e-commerce festival sales

GMV rises 16% to Rs 29,000 crore in first four days of mega events, says Redseer report

The first four days of this year’s festival season sale have been nothing short of a blockbuster for the e-tailing industry, which clocked 16 per cent growth in gross merchandise value (GMV) over last year to about Rs 29,000 crore, according to a report by Redseer Strategy Consultants.

The driving force behind this surge, the Redseer report said, is a potent mix of “fear of missing out (Fomo)” among Indian consumers and the trend of premiumisation, made possible by accessible financing options. These factors led to a stronger Day 0 and Day 1 of Week 1 of the 2023 festival season