Amazon India recorded a 50% rise in no‑cost EMI purchases during the Diwali‑Navaratri sales window of Oct. 8‑12, 2024, while orders from tier‑2 and tier‑3 markets jumped 60‑65%, and average order values fell 7‑8% from last year’s festive sales, according to data from Redseer Strategy Consultants and Amazon’s own director Aman Deep Lohan.
Price hikes pushed smartphones to 15% higher average prices, leaving even headline discounts insufficient to match last year’s festive price points. Across categories, sale‑day prices dipped only 5‑10% below pre‑sale levels, with deeper markdowns in smartwatches and budget phones.
Consumers turned to EMIs to finance premium purchases such as 55‑inch televisions and high‑end laptops, while Amazon’s cross‑category exchange feature let shoppers trade an old laptop for a new phone, amplifying the shift toward financing options, Lohan said.
The surge is largely driven by expanding internet and smartphone penetration in smaller towns, with cities like Sardulgarh, Panskura and Kishanganj logging a rapid rise in sales. On Flipkart, 70% of units sold were priced under ₹500, underscoring the shift toward value commerce.
Amazon is preparing to widen its EMI portfolio in the coming weeks, with the company’s finance team signalling new bank partnerships that will allow deeper financing across its catalog.