Summary:

According to a Paisabazaar poll, 85% of credit card users in India used e-commerce for festive shopping in 2023 to maximize discounts. Of the 700 respondents, 68% were salaried, and 76% were under 35. Over 48% shopped exclusively online, 45% made primarily online purchases, and 7% preferred in-store shopping. Discounts and credit card promos during holiday shopping fueled the trend, with 85% of shoppers organizing their purchases around these offers.

Online credit card usage increased throughout 2023, reaching US$11.20 billion in April, accounting for 60% of total spending. By July, this share had risen to 63.4%, peaking at 65.3% in September. E-commerce sales in September and October totaled $12 billion, a 23% increase over the previous year. Over 80% of consumers benefited from card-specific discounts, with major platforms like Amazon and Flipkart offering cashback and no-cost EMI options.

Source: IBEF 

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