As India gears up for the festive season, consumers will shop more online: 66 percent of consumers will shop more compared to last year, and another 22 percent will spend nearly the same on festive shopping.
Furthermore, it has been revealed in the Festive Sentiment Tracker survey by Disney+ Hotstar that 87 percent of consumers said that the spending capacity has either improved or remained the same compared to last year, which indicates a high propensity to spend in the upcoming festive season.
This is when the Ministry of Statistics and Programme Implementation (MOSPI) said that consumer spending in India decreased to Rs 22,079.81 billion in the second quarter of 2022 from Rs 22,624.05 billion in the first quarter of 2022.
While 87 percent of the consumers will shop for themselves, 55 percent will shop for gifting purposes and this is higher among consumers who are 30 years or above in age (60 percent).
“After 2 years of subdued celebrations, consumers are looking forward to celebrating this festive season with renewed fervor, which presents a great opportunity for brands to connect with their audiences to build awareness and purchase intent,” the company said in the survey.
What will Drive Festive Shopping?
In terms of categories, the survey noted that apparel and fashion, mobile phones, beauty, and wellness will be the top three segments that will drive growth, and consumers will make purchases from two categories on average.
In terms of advertising mediums that will drive consumers, online advertisements will drive 55 percent of consumers, followed by TV ads which will drive 33 percent of shoppers. Consumers, this festive season, will buy mostly from online portals, with 68 percent doing their cart checkouts online itself, followed by 39 percent who will do it at the malls and 15 percent at standalone stores. In terms of payments, online payment will remain the preferred medium followed by card payments.