47% of Indians to spend more than Rs 10,000 this festive season: report

Capturing India’s shopping sentiment this festive season, ShareChat and Moj released India’s #FestiveFeeling Report 2023.

The findings in the report are based on primary data collected through an in-app survey among 2,355 respondents aged between 20 to 50 years, across India.

The survey decodes the festive outlook and shopping sentiment of Indians ahead of the festive season and deep dives into specific categories such as mobile phones, automobiles, and beauty products, that the users will be spending most on this year.

The report foresees a significant jump in the spending plans of Indians this year during festivities. 47% of Indians are expected to spend over Rs 10,000 on festive purchases, which is about 2.5 times more than last year. Of the people spending a minimum of Rs 10,000, 48% will spend Rs 20,000 or more.

This year, home improvement has made a strong entry into the top three product categories that Indians are likely to spend on, clothing and mobile phones continue to dominate the purchase categories. 66% of Indians will use their savings to make these purchases. Discounts will drive a large percentage to choose brands and products, with 59% prioritising the offers, especially for consumers in the age group of 26 to 35.

For the upcoming festive season, going a level up in their lifestyle will be among the top priorities for Indians. Of the Indians looking to buy home appliances, 19% would want to buy a new television and 18%, a new washing machine to spruce up their homes. Amongst consumers planning to invest in a new mobile phone, 44% are seeking an upgrade for a better camera, while 34% aim to stay up-to-date with technological advancements by choosing a 5G-enabled device.

Within beauty products, perfumes and makeup will take the top spot in the shopping cart of Indians. Surprisingly, 14% more males plan to buy perfumes this festive season than females. Social media remains the number one tool to research beauty products for Indians, with 34% relying on it to find the products they love or would want to consider.

The festive season is a time for many Indians’ automobile dreams to come to reality. Among Indian vehicle buyers, when it comes to four-wheelers, 41% intend to upgrade to larger vehicles this festive season. Interestingly, a significant portion of these buyers are embracing sustainability, with nearly a quarter planning to make the switch to electric vehicles.

There is also a marked shift in Indians considering brands as a crucial factor while making festive purchases, with 28% saying that they will buy from a brand they love and prefer, with 19% showing keen interest in buying directly from brand websites owing to more product choices, competitive pricing and trust.

Udit Sharma, Chief Revenue Officer, ShareChat & Moj, said, “At ShareChat and Moj, we know India's content preferences and how they love to express and celebrate, especially during festivities. Social media and short-form videos have been a game-changer in driving user preferences and purchase decisions. For the second year in a row, our report India’s #FestiveFeeling 2023, unravels India’s shopping sentiment ahead of the festive season, giving marketers crucial insights which can help them build an effective strategy to reach India’s diverse population. 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.”

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