India, Oct. 23 -- The festive season, usually a time to splurge, is telling a different story this year. A smaller number of card transactions and weaker smartphone sales are hinting at consumers tightening their purse strings amid mounting pressure on household budgets.

Early data from Redseer estimated that India's online festive sales clocked $7-8 Bn in gross merchandise value (GMV) during the first leg, from October 8 to 18. Nearly 100 Mn shoppers placed more than 350 Mn orders, with consumption running at around three times the everyday rate.

However, the data also pointed to a more cautious spending environment. According to Datum Intelligence, a market intelligence and consumer data analytics company, the online festive sales amo...