As per the Retail Thought Survey Report 2020 by BiPi Consulting, retailers expect their business during the festive season to decline by 25 per cent due to the pandemic. Many plan to either cancel or defer orders due to reduced festive forecasts. Sixty-one per cent of retailers are worried about inventory and wages while 77 per cent plan to shift their marketing spend towards consumer loyalty, promotions and discounts, reports The Economic Times. .
The survey was conducted online with organizations with over Rs 500 crore revenue. It interviewed over 100 CXOs and found that 60 per cent of them expect a negative outlook for their business during the festive seasons
While negative festive forecasts are pronounced in the apparel retail forecasts, 57 per cent of non-apparel retailers are optimistic about no or little change in the festive season sales.
