In some circumstances, the decline has been as excessive as 35%, they mentioned.
The downturn is predicted to proceed as individuals defer discretionary spending and corporations reduce advertising and marketing prices and reductions to extend runway so as to survive the Covid-19 pandemic, individuals within the business mentioned.
“Discretionary spending has taken a hit,” mentioned Ambareesh Murty, CEO of Pepperfry. “Right now, on a week-on-week basis, we are holding steady, but we do expect that in the next 2-4 weeks consumer spending will come down further,” he mentioned.
Expansion plans are additionally on maintain for the subsequent two months, Murty added. Offline retail constitutes about 30% of Pepperfry’s enterprise. “These retail studios have seen footfalls drop by a third,” he mentioned.