ZestMoney, India’s largest and fastest-growing Buy Now, Pay Later platform says that 72% of respondents spend more on fashion in 2021 than they did in 2020. This shows a revival in consumer demand and spending.
To better understand customer shopping behavior and preferences in the fashion industry, a consumer survey was conducted. The all-India study got 2800 responses out of which, 85% were millennials and Gen Z.
The demand for online fashion was driven by customers in the 18 – 30 age group. 71% of them were spending on the category. In addition to this, the average ticket size of female transactions was 20% higher than that of male transactions.
Among the respondents, 58% of them said that over the last 3 months, they have spent more than Rs 5,000 on their fashion needs. 54% of the respondents said that they preferred BNPL to finance their fashion needs. Other popular options were debit cards, credit cards, and cash.
Bangalore, Mumbai, Delhi, Pune, and Hyderabad are the top Tier I cities driving demand for fashion and beauty. Assam, Kanchipuram, Haridwar, and Anantapuram are the top Tier II and III markets.
The preferred means of buying for the majority of the customers remained on E-commerce platforms. 72% said that they preferred online shopping due to the convenience and hassle-free experience it provides. Nevertheless, 76% said they were comfortable shopping in person at physical stores.
ZestMoney’s Buy Now, Pay Later service is being provided at the checkouts of leading merchants like Myntra, Purplle, Bombay Shaving Company, Decathlon, Nykaa, Lotus Herbals, Wow Skin, and Re’equil.
Highly popular products include sports and casual shoes, leisurewear, fitness wear, nightwear, socks, yoga pants, etc.
Other than fashion, beauty retailers have also seen a 50% month-over-month growth in sales in the last six months.
The platform expects a 25x growth in its fashion and beauty merchant base in the coming year. From the beauty side, there has been an increased demand for shampoos, mascara, blushes, fragrance-free toners.
ZestMoney is available at 75,000 physical stores and 10,000 online stores across the country. Several offers are being offered by the company, including a ‘Pay in 3’ no-cost option for all purchases on the platform.
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