August -September sees the start of the festivals in India and with it the season for sales is also here. Newspapers are filled with full page advertisements, there are supplements of just Ads of both online and offline sales. All this makes it impossible for us to ignore and difficult to resist. If you so much as click on any product, it keeps chasing you till you either buy it or turn down the notification. So yes, its going to be tough on your will power.
According to estimates by Redseer Strategy Consultants, Online sales during the 2022 festival season is likely to grow 28% year-on-year to touch $11.8 billion. Apparel sales in India are expected to reach $75.2b (INR5.8t) in 2022.
Cupboards are overflowing with clothes, shoes, bags etc. yet, people are buying more clothes than they will ever use. All because its available at attractive prices that too from the convenience of your home and on your fingertips. And here’s the best part, one doesn’t have to pay for it immediately.
I read one interesting statistic about fashion which said that while people bought 60% more garments, they only kept the clothes for half as long.
This pains me, a lot of this clothing ends up in the dump. The equivalent of one garbage truck full of clothes is burned or dumped in a landfill every second globally.
Mind you, I am not against consumerism, its good for the economy. However, we need to be conscious of our buying habits on two counts,
Credit card spending in India hits an all time high.
Using Credit card impulsively is a slippery slope, so having healthy credit card habits is very important.
Firstly, set aside a budget for these sales. Make a list of products that you wish to buy and use the sales to get discounts. Impulse buying will only give you instant gratification and debts.
Ensure that you pay your credit card bills on time and the full amount. This way you avoid paying late penalties and the exorbitant interests. Remember, every penny saved is penny earned.
Many credit card companies give attractive rewards, cash back, etc. Identify these cards and use the ones that work in your favour.
Don’t use up your entire credit limits offered to you. This can impact your credit score. Banks and financial institutions look at your credit score before offering you any future loans. Be aware of it. Avoid withdrawing cash on credit card unless its an emergency.
From an environment perspective, just think before buying, do you really need it, will you be using it? All the old unused items like clothes, gadgets, electronic products, please ensure that they are disposed of responsibly.
Consider sales as an opportunity to get stuff at a discount, thereby saving. You can stock up on things that you use on a regular basis, you can stock up on gifts that you buy for various occasions. You can earn reward points, cash back, etc.
So do buy during sales but show restraint.