42% small companies see consumer spending return for festive season

About 42% of entrepreneurs in India are sure that customer spending will return over the upcoming festive season and help their organizations remain above float, as per a review directed by American Express and statistical surveying firm YouGov India.

Buyer spending at shops, incorporating those in shopping complexes, and shopping centers had fallen definitely after the Covid-19 widespread because of fear of infection and lockdown limitations in development.

There were noticeable indications of recuperation for private companies in August and September after deals hit “absolute bottom” in April and May, said Manoj Adlakha, CEO of American Express Banking Corp India. “Merchants in certain divisions are more affected than the others,” Adlakha told ET. “We have seen entertainment and travel to be the area hit the most, though billings for merchants in segments, for example, drug store, medical care, and protection have surged.”