34% stay updated on festive offers via social media ads, 32% by word of mouth: Survey

Axis My India has unveiled the latest insights from the India Consumer Sentiment Index (CSI), shedding light on significant media consumption trends.

Key findings

The consumption of media (TV, Internet, Radio, etc.) has increased for 20% of families, depicting a slight increase in media consumption percentage by 1% from last month. 

Overall household spending has increased for 53% of the families, which is a decrease by 2% from last month. Consumption remains the same for 36% of families.

Spends on essentials like personal care & household items have increased for 43% of families, which marks an increase by 2% from last month. Consumption remains the same for 40% of families.

Spends on non-essential & discretionary products like AC, Car, and Refrigerators have increased for 9% of families, which reflects a spike from last month by 3%. Consumption remains the same for 84% of families.

Expenses towards health-related items such as vitamins, tests, and healthy food have surged for 36% of families. This reflects an increase in consumption by 2% from last month.  Consumption remains the same for 48% of families.

Mobility has increased for 8% of the families, which is a dip of 1% from last month. Mobility remains the same for 82% of the families.

On topics of current national interest

 The survey explored the preferred channels through which participants stay updated on festive promotions and discounts. 34% of participants stay updated through social media ads, showcasing the growing influence of digital platforms. Additionally, 32% of participants trust word-of-mouth, reflecting the enduring value of personal recommendations. Interestingly, a modest 12% of participants choose newspapers as their source of information on festive offers and deals, indicating a diverse range of preferred mediums.

Social media ads emerge as a highly effective channel, with a significant majority leveraging them to stay abreast of festive deals and offers, showcasing the growing influence of digital platforms in today's festive market. 50% of respondents rely on social media advertisements for updates on offers related to electronics and gadgets. Similarly, 42% and 41% of respondents tap into these ads for offers on discretionary spends and home decor. 36% of respondents stay updated on festive offers and deals for clothing and accessories through social media ads, emphasising the platform's significance. Interestingly, traditional word-of-mouth still holds sway for 35% of respondents, particularly when it comes to food and groceries, emphasising the blend of digital and traditional in today's market dynamics.

As the festive season unveils its charm, participants' interactions with brands on social media paint an intriguing picture. In the radiant tapestry of festive season engagements, 42% of participants choose to keep their experiences with brand deals close to their heart, refraining from broadcasting them on social media. On the brighter side, 23% of participants show a budding interest in sharing their brand interactions, while an enthusiastic 10% of participants are eager to highlight their festive finds on social media. This diversity in sharing exemplifies the varied yet vibrant ways in which people choose to celebrate their festive shopping journeys.

The survey delved into consumers' intentions regarding their shopping preferences for the upcoming festive season. Notably, 55% of respondents plan to prioritise spending on food and groceries. Moreover, 37% of respondents indicated a desire to spend on clothing and accessories. The rest are leaning towards allocating their expenditures on home décor and furnishings, electronics, and gadgets, as well as discretionary items like cars, ACs, and refrigerators. These insights underscore potential shifts in consumer patterns and their anticipated repercussions on the market.

The survey thoroughly explored various factors and determinants that shape the respondents' purchasing choices during the festive period. Remarkably, a prominent 43% of respondents indicated that product quality is the primary factor guiding their buying choices during the festive period. Meanwhile, 21% of respondents mentioned that discounts and promotions substantially sway their purchasing decisions during these times. On the other hand, 16% of respondents recognized personal preferences as the leading factor in their festive buying choices.

Participants place a high value on product quality, highlighting its importance above other considerations such as discounts, brand reputation, and personal preferences when shopping. A commendable 48% of participants prioritise product quality when investing in durable goods like cars, ACs, and refrigerators. Similarly, an encouraging 44% and 43% of participants seek top-quality products in the realms of food and groceries, and clothing and accessories, respectively. Furthermore, 42% and 38% of participants champion product quality as a key factor when choosing home decor and furnishing, as well as electronics and gadgets. This underlines a positive trend toward informed and quality-conscious buying choices.

The survey delved into participants' inclinations regarding different shopping channels they prefer when purchasing festive items. A significant 56% of respondents expressed a preference for local markets and vendors, reflecting a strong inclination towards supporting local businesses. Interestingly, a modest 36% of respondents showed a preference for in-branded physical stores for their festive shopping. Meanwhile, 8% of respondents favoured e-commerce platforms for their festive purchases, showcasing the diversity in shopping preferences.

Echoing the spirit of self-reliance, respondents demonstrated a commendable preference for shopping from local markets and vendors, championing the "vocal for local" ethos. A remarkable 62% of participants choose local outlets for their home décor and furnishing needs. Similarly, 58% of participants opt for local sources for their food and grocery shopping, while 53% of participants look locally for clothing and accessories. Notably, even for more substantial discretionary purchases like cars, ACs, and refrigerators, a significant 39% of participants still favour in-store shopping. This showcases a strong community-focused consumer trend.

The survey delved into participants' perspectives on big-ticket spending during the festive season. Interestingly 77% of participants are opting to refrain from making any big-ticket purchases during this festive time. On the other hand, 18% of participants demonstrated a willingness to engage in significant spending, showcasing a sense of optimism and economic resilience. Meanwhile, 4% of participants are still contemplating their spending decisions, reflecting a sense of careful consideration during the festive season.

In the vibrant landscape of festive shopping, payment preferences reflected a blend of tradition and modernity. Amid the festive hustle and bustle, a substantial 78% of respondents gravitate towards the timeless charm of cash for their transactions. In a modern twist, 16% of respondents are inclined to embrace digital wallets to settle their festive purchases, while an innovative 6% of respondents opt for the convenience of debit/credit cards and online banking for their seasonal transactions. These eclectic payment preferences underscore the harmonious blend of tradition and innovation in the festive shopping experience.

The 84-day festival season joyfully welcomes renowned sales events such as Amazon's Great Indian Festival and Flipkart's Big Billion Day, enticing shoppers to delight in making high-value purchases during this celebratory period. 20% of participants hold off on these exceptional sales to benefit from the abundant discounts and offers available. Meanwhile, 71% of participants stick to their regular spending habits, unaffected by the festive season's sales and promotions. Furthermore, an opportunistic 9% of participants make substantial purchases, contingent on the appealing discounts presented during the festive season sales. All in all, the festive season not only lights up our spirits but also opens a gateway to smart, joyous shopping experiences for everyone.

The festive season presents an excellent opportunity for brands and businesses to forge deeper connections, fostering meaningful conversations with their customers. 33% of respondents are more likely to interact with brands when presented with compelling offers. While 39% of respondents cherish the classic touch, choosing not to interact with brands on social media for festive deals, a mere 22% of respondents abstain from leveraging social media for their online shopping needs, showcasing the enduring charm of classic approaches.

The sentiment analysis delves into five relevant sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits, and entertainment & tourism trends.

The survey used Computer-Aided Telephonic Interviews and included 5452 participants from 35 states and UTs. Among them, 66% were from rural areas and 34% from urban areas. In terms of regions, 32% were from the North, 20% from the East, 39% from the West, and 9% from the South of India. Among the participants, 64% were male and 36% were female. Looking at the largest groups, 29% were aged between 36 and 50 years old, while 28% were aged between 26 and 35 years old

Pradeep Gupta, Chairman and MD, Axis My India, said, "In the vibrant tapestry of today's consumer interactions, it's heartening to see the pivotal role that digital platforms, especially social media, play in shaping perceptions and decisions. This festive season brings to light a harmonious blend of tradition and modernity, with consumers valuing personal recommendations and word of mouth while embracing the convenience and versatility offered by online interactions. As brands craft their narratives, it is imperative to recognize this balance, fostering genuine, meaningful conversations across both traditional and digital platforms. This diversity in behaviour underscores the importance for brands to provide varied and tailored approaches, catering to both the discreet shopper and the enthusiastic sharer, ensuring every consumer feels understood and valued in this festive journey."

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