The Indian consumer market has always been a conservative one, with a balance between big-ticket and small-ticket purchases. However, a drastic change has been witnessed in the buying behaviour of Indian consumers in the recent past due to No-Cost EMI being available as a payment mode. One of the main reasons behind this change is the pandemic that began in the subcontinent in early 2020. With the pandemic, India saw an upsurge in pay cuts as well as job cuts. This made many products and services unaffordable to customers. Not only this, the prolonged pandemic almost turned many utilitarian goods into luxurious ones for the consumer, just by virtue of being unaffordable.<\/p>\n\n\n\n
Needless to say, this impacted sales across a plethora of brands and industries. For instance, despite the existence of heightened demand<\/a> for electronic appliances, the consumer durables industry experienced 30% lower sales in 2020 as compared to 2019. <\/p>\n\n\n\n In such a scenario, the need of the hour was to enhance affordability for the masses. It became imperative that consumers are equipped or enabled to purchase big-ticket as well as small-ticket goods based on their needs and not just affordability. This ushered in what has now become a go-to payment option for most buyers in the country: No-Cost EMI. <\/p>\n\n\n\nWhat is No-Cost EMI?<\/strong> <\/h2>\n\n\n