The main cause of this downfall is the consumer sentiment. The cost cutting measures by most of the Indian incorporates in the form of job and salary cuts have demotivated the consumers and have led to insecurity in the hearts of the Indian people. Till a few months back, the person who was willing to make purchases of a luxury product is now being conscious about his spending. The retailers are finding it tough to attract the customers and increase footfalls in their stores. As per industry estimates, the footfalls are down by 25-30 per cent on week days while it is down by 40 per cent on weekends.
Looking at these facts, it is evident that the retailers are facing a crisis and are in a dilemma. Their top line as well as bottom-line have taken a major beat. Although the precautionary measures have provided them with some relief but the situation is not in their favour till now. However, the economic slowdown is expected to last for 12?18 months and the retailers have to fight to make their way out of it. I will conclude by saying that ?Tough time will never last forever but a tough person will?.?