It maybe Christmas season, but for the publishing industry it might not exactly be a merry one. As Ernest Hemingway puts it, there may not be a friend who is as loyal as a book. But for Indians who are desperately hanging on to any cash they may have—thanks to demonetisation—finding a new addition for their library is not exactly a top priority.
A month after demonetisation, publishers are feeling the pinch. The sales of books have gone down, both in terms of online purchase as well as those readers who like the serendipity of a bookstore.
Flipkart and Amazon may have revolutionised the book trade—especially by expanding the reach to smaller towns—but as cash on delivery accounted for a large section of the sales, this segment has also been hit. The figures range from 20 to 40 per cent to even 60 per cent.
“Books have been impacted. What I am hearing is that walk-ins have dropped. Browsing is still happening, but the conversions have dropped. The variation is between 20 per cent to 40 per cent in most places,’’ says Rahul Dixit, director sales, Harper Collins India.
Even die-hard bookworms are choosing not to go out and get their stock of new books. “In India, books are not seen as a primary necessity, so it’s natural that when you hold off buying (whether by cash or card), you defer book purchases a bit,’’ says Thomas Abraham, managing director of Hachette India.
The year may end on a slow note, but publishers hope that soon—with more cash getting pumped into the system—there will be a silver lining. “I don’t think there will be a long term impact. I think, in a month or so, the situation will improve,’’ says Dixit. For bookstores—that are feeling slightly abandoned—this may just be the good news they are looking for.
