Summary:

During the 2024 festive season (September 15 to October 31), India's e-commerce sector grew by 12% year-on-year, achieving a GMV of $14 billion. This growth was driven by shifting consumer behavior, with Tier II+ cities contributing more. Despite slower consumer growth, average spending increased by 5-6%. Premium electronics and appliances were in high demand in metropolitan areas, while affordable fashion and beauty products remained popular in smaller towns, supporting overall growth.

During the 2024 holiday season, consumer growth declined while expenditure per shopper increased, indicating broader retail penetration. Smaller cities saw a 13% rise in spending, aided by promotions. Fashion, electronics, and major appliances experienced significant growth. Quick commerce expanded to meet festive demand. Tier-I cities performed well with luxury brands, while Tier-II+ cities thrived with increased spending, reshaping India's online retail landscape.

Source: IBEF

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