In the midst of the festive light and joy, Bharat consumers’ festive shopping is in full swing, to know what’s on their shopping list this season.
The Bharat Lab has conducted an in-depth analysis by engaging with 1027 consumers (526 male, 501 female) in the heartland of Hindi, primarily Uttar Pradesh. This survey spans across age, income and gender to decipher the shopping inclinations of Bharat consumers in categories such as gifts, fashion, jewellery, automobiles, home décor, travel, and Entertainment compared to their spending habits from the previous year.
Following are some of the key highlights from the report:
Inflation matters, but Diwali matters more – More than 75 per cent of respondents were concerned about inflation, yet 66 per cent expressed a willingness to spend 50-75 per cent going further than last year.
High interest in low investments – Across low, mid, and high-income levels, more than 85 per cent of respondents planned to cap their estimated family spending below 50,000 for the festive season. Home goods, especially white goods (in installments) are high on the shopping list to mark Diwali. Among electronics, mobiles (also on installments) remain the No. 1 favorite.
Firecrackers to fizzle out – 72 per cent of respondents reported that concerns around air pollution will influence their ‘aatishbaazi’ purchases. Low intent for sure.
Brakes on the Automobiles – With only 19 per cent and 23 per cent raising their hands to buy new 4-wheelers and 2-wheelers, this could be a difficult festive season for automakers in Bharat as a market.
Offline to edge out online, discountvertising holds fort – A touch above 56 per cent of respondents reported that they would prefer to buy stuff from retail stores near them. 43 per cent claimed that discounts would be a major factor in their purchase decisions if they really desire a brand. 72 per cent however confirmed having bought something or the other from the maha-sales of ecommerce sites.
Aesthetics over repairs – While 52 per cent were planning a renovation, home decor was an area of interest for more than 81 per cent of those surveyed. Interestingly, interest in home decor increased with age, rising from 86 per cent amongst 20-year-olds, to 98 per cent for those above 50 years.
Wanderlust Persists: 68 per cent express a desire to travel more, with 21 per cent dreaming of going abroad if affordability and visa considerations align.
Entertainment Preferences: Only 34 per cent are inclined towards more movies, while streaming platforms like Netflix and OTT services seem to suffice for the majority.
Dr. Sandeep Goyal, Chairman Rediffusion and Founder of The Bharat Lab opines, “Bharat’s consumer is at once austere and indulgent. Clearly, they care about inflation, but they want to ensure that it does not dim their Diwali. No wonder they have allocated more of their budgets to gifts, fashion, and home decor. Brands that invest in brand building will ensure that the Diwali momentum carries them deep into the wedding season up to December.”
Urging business leaders to up their Bharat game, Dr. Alok Rai, Vice Chancellor of Lucknow University and Chair of the Bharat Lab, added, “Of course discounts matter, but the Bharat consumer also cares about what brands stand for. Offline’s defiance is testament to the success of the vocal-for-local campaign. Also gifting being a priority is a healthy marker of the sense of community and family that Bharat takes pride in.”
Dean Dr. Sangeeta Sahu of Lucknow University drew attention to the environmental consciousness of the Bharat Citizen adding, “When 3 in 4 respondents report cutting down on fire crackers citing pollution concerns, it’s a reflection of responsible citizenry being a part of Bharat’s cultural values.”
Divyanshu Bhadoria, Chief Strategy Officer at Rediffusion, and co-ordinator of Bharat Lab concluded, ”This is the first of many critical buying moment studies we have in the pipeline for The Bharat Lab. But even this first report will give brands fodder to evaluate and reset their heartland strategy.”
