Malls, e-commerce hit school accessories market hard
The school accessories market is struggling as traditional retailers face competition from malls and e-commerce. Many consumers are tightening their budgets, leading to a decline in sales despite only a modest price increase. Retailers are adapting by stocking trendy items, but financial constraints are making it difficult for families to spend on school supplies.
- ▪Traders are losing business to malls and e-commerce ahead of the academic year.
- ▪Prices of school supplies have risen by around 10% this year, but sales are down due to cautious spending.
- ▪Retailers are struggling to attract customers who often compare prices online before purchasing.
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The school market is witnessing a mixed response as traders rue the loss of business to malls and e-commerce players ahead of the start of the academic year.To make matters worse, the rest of their potential clientele appear to be holding tightly to their purse strings. Conventional retailers maintain that prices have risen by only around 10% this year, while attributing the dip in sales to a combination of cautious spending amid the current economic climate and a shift towards e-commerce.Rajesh A.G., a 50-year-old autorickshaw driver and father of twins, says that rising prices and reduced purchasing power have placed additional strain on his family’s budget this academic year.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Hindu — Top.
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