The consumers in India are prepared to spend significantly during the upcoming festive season, with every 1 in 2 willing to spend more this year than last year. Maharashtra topped the festive spending charts this year with 55 percent willing to spend more this year, followed by Bihar, Delhi, Rajasthan, Chhattisgarh, and Uttar Pradesh.
Capturing the interests and spending patterns of India this festive season, ShareChat released a report titled ‘Bharat ki FestiveFeeling’. The report finds that apparel, mobile and accessories, and jewelry are the top 3 shopping categories the audience is expected to splurge on this festive season.
As per the survey, around 44 percent of purchase decisions are influenced by social media. Additionally, discounts and offers are major factors that influence 49 percent of purchase decisions.
During this festive season, 1 in 3 individuals is expected to spend over Rs 20,000 and about 8 percent will spend over Rs 1,00,000, boosting the overall ticket size of festive purchases. Gifting is anticipated to be one of the top motivations for spending money during this festive period, with 24 percent buying with the intention of gifting. As more consumers upgrade their devices or give some as gifts to loved ones, sales of mobile accessories and jewelry will also experience a significant increase.
Interestingly, 1 in 4 consumer plans their festive shopping last minute and 76 percent make decisions based on ads. Online shopping is a popular choice in India as it is driven by various discounts and offers. Social media is the most important factor influencing purchase intent and buying behaviors. At 44 percent, it leads the way as a source of information on brand offers, reviews, and recommendations.
Ajit Varghese, Chief Commercial Officer, ShareChat and Moj said, “India is all set to bring in this festive season with renewed fervor, especially after the muted celebrations through the pandemic in the last two years. Social media plays a pivotal role today in purchasing decisions as it aids in product discoveries and recommendations."
Varghese further added, "Users on ShareChat love to post and share festive wishes and greetings with their loved ones in their regional language. Our report deciphers the shopping sentiment of India ahead of the festive season, which will give marketers a direction to plan their strategies on effectively engaging with the audience.”