Rising Consumer Confidence Drives Holiday Purchases

As the festive season approaches, Indian consumers are showing remarkable optimism, ready to indulge in significant shopping for Diwali. According to the latest “Mood of India” report by the think tank Bharat Lab, prepared from responses of 3,480 working individuals, this trend reflects a robust shopping behavior ahead of the festival. The Bharat Lab was established through a collaboration between Rediffusion and Lucknow University.

Influence of Discounts and Tradition

The survey highlights that 63.82% of consumers are motivated by discounts and offers during their shopping sprees. Meanwhile, 48.77% are driven by the cultural significance and traditions associated with Diwali, affirming the festival’s importance as a time for family and heritage. Notably, over half of the participants are influenced by social media influencers in the fashion and electronics categories, while around 41% trust advertisements seen on TV and in newspapers.

Investment Trends Amid Festivities

Nearly half (49.14%) of the respondents are planning new investments this festive season. In particular, 55.26% intend to invest in gold, while 40.74% are considering real estate. Additionally, about 49.71% plan to travel during the holidays, indicating a holistic approach to the festive celebrations.

Key Findings from the Survey

36.18% of respondents plan to increase their festive spending compared to last year.

35.02% aim to maintain their festive expenditure at previous levels.

29.52% will cut back on spending due to inflation.

83.36% prioritize environmentally conscious shopping this year.

86.35% are preparing to purchase new clothing for the festivities.

70.83% are looking to buy home décor items.

60.92% are planning to purchase electronics, while 48.13% intend to buy jewelry.

58% are opting for a hybrid shopping approach, combining online and offline methods.

20.98% are exclusively shopping online.

33.62% have plans to buy a new vehicle during the festive season, with 33.05% favoring popular cars, 18.88% eyeing luxury models, and 48.07% interested in two-wheelers.

Demographic Insights on Shopping Behavior

Shopping enthusiasm varies across age groups, with 85% of individuals aged 20-30, 71% of those aged 30-40, 66% of those aged 40-50, and 57% of consumers aged 50-60 expressing their intention to shop during this festive season.

As consumers embrace the festive spirit with renewed vigor, the upcoming Diwali season is poised to witness a surge in shopping activities, reflecting both cultural values and economic resilience.