It’s been a long time now since we have been suppressing the shopping bug in us, thanks to the brutal pandemic forcing the entire humankind to be cooped up inside homes.
So, isn’t it highly likely for most of us to make a beeline for the shopping outlets as soon as the restrictions are uplifted?
What Is Revenge Shopping?
Revenge Shopping, also known as retaliatory consumption, is an economics-based term that refers to the over-indulgence of people in retail therapy.
It mainly happens when people get to walk in their favourite stores after a long time. Groceries or other essentials are not counted in revenge shopping. Rather, it is all about shopping for non-essential stuff.
On April 4, 2020, when a French luxury goods manufacturer Hermès opened up after two whole months of lockdown in China’s Guangzhou province, it reportedly earned 2.7 million dollars in single-day sales at one store alone.
This could be the level of a splurge when people are set free to shop after being barred from it for a long span.
Also Read: Want To Save Money While Shopping Online? We Tell You How!
Revenge Shopping In India: A Possibility?
As India is also awaiting a phased upliftment of lockdown in June, the retailers might hope for the concept of revenge shopping to come into play. But there is a contradiction regarding this concept from fashion pundits in town.
Some say that revenge buying will surely prove to be a silver lining for India’s economy but in a vigilant manner.
Since layoffs are happening at a rapid pace and financial uncertainty is a big concern, generally, for the middle and lower-middle-class people, future orders will be more from the high-class people.
Sunil Sethi, chairman, Fashion Design Council of India, says that since social distancing is going to be in practice for a long time to come, people will not get to attend parties and events. Hence, this will reflect upon the spending of Indians.
Designer Monisha Jaising foresees revenge buying happening initially but not for the long term. Also, people understand that cutting down extravagant expenses is the key to survival. So, leaving aside high-income people, mostly Indians may stick to purchasing essentials even after easing down of restrictions.
Millennials Ahead In The Queue
“When the economy opens up, the initial shoppers will be millennials going for revenge buying, discount seekers and bargain hunters,” Retailers Association of India (RAI) said in a statement.
Millennials are more likely to spring upon the markets.
In the post-lockdown era, e-commerce will surely emerge as a winner, be it revenge buying or shopping for essentials.
As far as revenge shopping is concerned in particular, brands with a loyal customer base will be the first to get the spike. Other manufacturers and retailers might need to lure customers with discounts and down-pricing, so that customers can fulfill their desires for revenge without burning a hole in their pocket.
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