Ahead of festive shopping, consumers are prioritising ‘Value for Money’ as the most important criterion besides the quality of products. What are they planning to spend on? Read to find out.
The season of festivals is around the corner and many consumers are looking to make the best of festive shopping. A recent survey report by Local Circles, a research agency, shows that urban Indian households plan to spend around Rs 1.85 trillion during the festive season 2024.
But with so much excitement to shop, what are consumers planning to buy this festive season?
The festive buying options are extensive, they can include things such as decoration items, utility products, and luxury goods. Even gold jewellery purchases can be part of your festive shopping. Based on some 12,970 responses the survey finds that:
Pooja Essentials: A whopping 70 per cent of Indian households are planning to spend their money on pooja (worship) supplies, especially around the occasion of Diwali. They plan to buy pooja-related supplies such as diyas, lamps, candles, lighting, and flowers.
Festive Groceries: Around 64 per cent of people plan to buy festival groceries such as gift packs, gourmet, foods, dry fruits, fruits, chocolates, traditional sweets, etc.
Home Decor: 40 per cent of people intend to spend on home décor items like furniture, decorative, furnishings, paints, sanitaryware, lighting, etc.
Beauty Spends: 38 per cent of respondents will be dipping into “beauty and fashion sales, spending on apparel, cosmetics, shoes, bags, etc.
Consumer Durables: 22 per cent of shoppers would spend on smartphones and consumer electronics such as mobile phones, tablet, laptop, printers, router, television, and all other electronics, etc.). Around 18 per cent of people plan to purchase white goods and appliances such as air conditioners, heater, vacuum cleaner, fridge, air purifier, etc. 4 per cent indicated that they would spend on automobile purchase (like car, bike, scooter, etc.) and jewellery (such as diamond, gold, silver, etc.) respectively.
The data overall suggests that 1 in 2 urban Indian households plan to spend over Rs 10,000 this festive season with 4 per cent of them likely to spend as much as Rs 1 Lakh.
Calculating the average spending by category to the total number of urban Indian households, the report estimates the total festival spending in urban India to be approximately 1.85 trillion this year.
Consumers Prefer Value For Money
Ahead of festive shoppings, consumers are prioritising ‘Value for Money’ as the most important criterion besides the quality of products.
While 40-50 per cent of urban Indian shoppers are expected to make one or more of their purchases online the survey reveals a striking 70 per cent of urban Indian households are likely to use stores or markets as their go-to place. 13 per cent of them are likely to use eCommerce as the primary channel for shopping.
The data reflects an important indicator of India's consumer confidence when it comes to expenditure and the anticipated surge in both online and offline retail channels during festive season 2024.