Markets witness slump as festival time shoppers seek budget-friendly products

Markets witness slump as festival time shoppers seek budget-friendly products

Srinagar, Jun 15: As the festive season approaches, the market dynamics are experiencing a significant shift.

Due to an ongoing liquidity crunch, the consumers are increasingly prioritizing budget-friendly products, leading to a notable downturn in overall market activity.

Farhan Kitab, President of the Confederation of All India Traders (CAIT) Kashmir unit, highlighted these pressing issues.

“The current liquidity crunch is severely affecting consumer spending power. Retailers must adapt by offering more budget friendly products to meet the changing demands of shoppers during this festive period,” said Kitab as per a statement issued to the news agency—Kashmir News Observer (KNO).

To retain the customer base, Kitab emphasized the importance of exceptional customer care. “We as retailers must work on customer care and be friendly with them whether it comes to exchanges, refunds, or repairs. Building strong relationships with our customers will help us navigate these challenging times and maintain their loyalty,” he added.

In response to these market conditions, businesses are adapting by introducing a variety of affordable products and special promotions to attract budget-conscious customers.

Retailers are also enhancing their online presence to cater to the growing demand for convenient and cost-effective shopping solutions.

“We understand the financial challenges our customers are facing this festive season. Our focus as retailers should be on providing high-quality, budget-friendly products to ensure that everyone can enjoy the shopping without financial strain. We predict that this trend may persist until economic conditions stabilize, urging retailers to continue innovating and offering value-driven products to sustain consumer interest and market vitality,” he said—(KNO)

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