Consumers shift to experiences and value-added purchases this festive season: Atin Wahal

New Delhi: Brands across various categories have geared up to capitalise on the surge in consumer spending during the festive period. Experts anticipate that traditional categories such as electronics, consumer durables, automobiles, jewellery, watches, cosmetics, and travel continue to dominate the market. 

However, consumer preferences change over time and with a noticeable shift towards unique experiences and value-added purchases. This trend is reshaping the landscape, presenting new opportunities for brands to engage with consumers innovatively.

Sharing his take on the shift towards experiences and value-added purchases, Atin Wahal, Executive Director at L&K Saatchi & Saatchi, said, “While traditional categories like electronics, durables, automobiles, jewellery, watches, cosmetics, and travel continue to see high activity during the festive period, consumer preferences are broadening beyond conventional purchases. People are embracing new ways to celebrate, shifting to spending choices that offer unique experiences and added value.

This season, new-age products and experiences are at the forefront of consumer interest. Smart home technology, including smart speakers, automated lighting, and security solutions, is gaining traction as people look to enhance the convenience and safety of their living spaces. Simultaneously, luxury and niche travel experiences, such as private tours and boutique stays, are on the rise, with consumers seeking exclusive and memorable ways to celebrate.”

Moving further, the Indian audience is very excited about the potential of the gaming industry as more and more people are now experimenting with technology than ever before. 

Commenting on the growing enthusiasm surrounding immersive tech, Wahal said, “There is a growing enthusiasm for gaming and virtual reality (VR), with a surge in demand for gaming consoles, high-performance personal computers (PCs), and VR headsets. The health and wellness category continues to flourish, with more consumers investing in fitness equipment, smartwatches, wellness gadgets, and mental health aids. 

Subscription services, such as streaming platforms, gourmet food boxes, and speciality beverages, are gaining popularity for festive gifting. The festive spirit even extends to pets, with increased spending on premium products like luxury accessories and high-quality food. 

He added, “As consumer preferences shift towards personalised, experience-driven purchases, brands in these emerging categories are well-positioned to capitalise on festive spending, reflecting broader changes in consumer behaviour.”

With the changing consumer behaviour, the advertising landscape in India is going through significant transformations.

According to Wahal, brands are increasingly utilising influencer partnerships, moving away from traditional celebrity endorsements to more authentic collaborations.

Expanding his thoughts on the same, Wahal said, “A prominent trend is the rise of influencer and creator partnerships, with brands moving away from traditional celebrity endorsements as micro and nano-influencers that offer access to niche audiences and foster genuine engagement, are becoming increasingly valuable. 

To add, there’s a growing emphasis on localised and regional content. “India’s rich cultural diversity prompts brands to develop campaigns that resonate with specific regional audiences, incorporating local languages, traditions, and festivals. This approach enhances cultural relevance and strengthens brand appeal. For instance, our regional campaign for Renault India exemplifies our focus on creating content that speaks directly to local markets,” he commented.

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To sum it up, these trends highlight a shift towards more personalised and culturally attuned advertising strategies, reflecting the dynamic changes in India’s ad landscape this festive season.