Festive Season Sale Report: The festive season was going on in India in the month of October-November. Dussehra, Dhanteras and Diwali People have done a lot of shopping in this festive season sale. During the festive season, people like to invest in new clothes, household items, electronic appliances, cars, property etc. In this season, credit card companies also offer many types of offers to attract people towards them. Even in the festive season of the year 2022, people have taken full advantage of the offers of credit card companies. Recently, PayU has claimed in its Insights report that people have used credit cards more than debit cards for shopping during the festive season. Along with this, it has also been learned from the report that the number of people doing festive season shopping with credit card has doubled as compared to the previous one.
Credit cards are used 5 times more than debit cards
PayU has also told in its report that customers have shopped using credit cards 5 times more than debit cards. If we talk about the ratio of debit card and credit card users, then it is 1:12. While a credit card user has done shopping worth Rs 6,000 during the festive season, a debit card user has spent only Rs 2,500. Along with this, the number of people buying goods on EMI of one year has doubled from last year. In the year 2021, where 42 percent of the users had chosen the EMI option of the credit card, that number has now increased to 84 percent.
People did more shopping than in the year 2021
In the festive season of the year 2022, shopping through credit card has been done openly. Due to the Corona epidemic for the last two years, people could not celebrate the festival properly. In such a situation, after the effect of Corona reduced this year, people have done a lot of shopping. This year people have spent 64 percent more money. Along with this, an increase of 31 percent has also been recorded in the number of transactions this year.
PayU has also revealed in its report that after the Corona epidemic, people have now started doing more digital transactions. Compared to the year 2019, now 245 percent more people are preferring to do digital transactions. Along with this, the use of UPI has also seen a boom in this festive season. This season, the fastest has been seen in the travel and tourism sector. People have fiercely used all travel modes like flight, train, bus and cab this year. Along with this, there has been an increase of about 70 percent in the holiday package.