The report reveals that 58 per cent of respondents prefer a hybrid approach, saying they would buy both online and offline
Shedding light on the festive season’s likely shopping behaviour and consumer sentiment, a report has highlighted that despite rising costs, consumers are planning to increase their festive spending compared to last year. In addition, consumers consider environmental concerns while shopping, particularly in categories like fashion and electronics.
The Bharat Lab, a think-tank created by the coming together of ad agency Rediffusion, and Lucknow University has released its latest Mood of Bharat report titled Diwali Pulse 2024. The survey in the Hindi heartland has revealed that 36.18 per cent of respondents plan to increase their festive spending compared to last year, while 35.02 per cent will maintain their previous spending levels. Inflation, however, is causing 29.52 per cent to possibly scale back.
New clothes and accessories remain the most popular Diwali purchase category, with 86.35 per cent of respondents planning to refresh their wardrobes, followed by personal gifts (72.84 per cent) and home décor (70.83 per cent). Electronics (60.92 per cent) and jewellery (48.13 per cent) also feature prominently on the shopping list, as per the survey.
“Diwali 2024 is poised to be a vibrant season. The enduring tradition of celebration, coupled with modern shopping trends, paints a picture of optimism and joy,” stated Carol Goyal of the Bharat Lab.
Over 83.36 per cent of respondents considered environmental concerns, particularly in categories like fashion and electronics. Discounts and offers are the primary motivation as they drive 63.82 per cent of shoppers. On the other hand, 48.77 per cent are driven by tradition and cultural significance.
“Bharat seems happy and wants to splurge this Diwali. The consumer is buoyed possibly by the surging stock markets and the stability in the government and economy,” stated Alok K. Rai, Vice Chancellor, Lucknow University.
As online shopping continues to rise, the report revealed that 58 per cent of respondents prefer a hybrid approach, saying they would buy both online and offline. 20.98 per cent however would go purely digital. Social media influences 53.69 per cent of consumers, particularly in fashion and electronics.
As per the survey, nearly half of all respondents (49.14 per cent) plan to make new investments during the festive season, with a strong focus on traditional assets like gold (55.26 per cent) and real estate (40.74 per cent). While inflation is top of mind for many, 70 per cent of respondents indicated that it doesn’t dampen their choices.
