‘Tech sector layoffs hit discretionary spending’

Layoffs in the tech sector have affected discretionary spending, particularly in online shopping, according to Ashish Shah, CEO of Pepperfry. The slowdown in the startup, IT, and consumer tech industries, coupled with job losses and a lack of bonuses, has impacted consumer sentiment and resulted in sluggish discretionary spending. However, Shah expects the upcoming festive season to boost demand for furniture and essential items.