47% of Indians to spend over Rs. 10,000 (US$ 120.12) in the upcoming festive season: Report
A report released revealed that over half of Indians, or 47%, will spend more than Rs. 10,000 (US$ 120.12) on festive purchases this year. Compared to the previous year, when 19% of Indians stated they would spend more than Rs. 10,000 (US$ 120.12), the customer sentiment is significantly higher.
According to "#FestiveFeeling Report 2023" released by social media platforms ShareChat and Moj, 48% of those who wish to spend over Rs. 10,000 (US$ 120.12) will spend Rs. 20,000 (US$ 240.24) or more. A survey conducted in-app among 2,355 individuals aged 20-50 served as the basis for the research.
The report further highlighted that out of these, over half (54%) of the Indians wish to buy clothes. 37% wish to buy products for home improvement, and 30% want to buy mobile phones.
Of the 17% who want to purchase jewellery, 47% are willing to buy gold. 10% want to purchase silver, and 5% want to purchase platinum and diamonds.
In the upcoming festive season, discounts and offers will be the primary factors when purchasing a product. Approximately 59% of those surveyed stated they would make a purchase in response to these offers. 20% will choose based on features and specifications, while 28% will make their decision on the brand.
Over 62% of respondents in the 25-35 age group have the highest inclination to prioritise discounts and deals. The report found that 60% of Indians prefer to purchase mobile phones for less than Rs. 15,000 (US$ 180.18). This is followed by 20% in the price range of Rs. 15,001-25,000 (US$ 180.1-300.30) and 16% in Rs. 25,001-50,000 (US$ 300.31-600.61). Further, only 4% of the respondents wish to buy a phone costlier than Rs. 50,001 (US$ 600.62).
According to Mr. Udit Sharma, Chief Revenue Officer at ShareChat and Moj, “With India looking to spend more and upgrade their lifestyle this season, brands can harp on platforms such as ours, with a deep understanding of culture and language, a strong mobile-first approach and the best of creativity, to gain significant leverage.”
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.