Around 47% Indians Plan To Spend Over Rs 10,000 During Festive Season: Report

At least 47 per cent of Indians are expected to spend over Rs 10,000 on festive purchases, which is about 2.5 times more than last year, according to a recent report.

The report titled India’s Festive Feeling Report 2023 by ShareChat and Moj also said that of the people spending a minimum of Rs 10,000, 48 per cent 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. At least 66 per cent of Indians will use their savings to make these purchases. Discounts will drive a large percentage to choose brands and products, with 59 per cent 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 per cent would want to buy a new television and 18 per cent, a new washing machine to spruce up their homes. Amongst consumers planning to invest in a new mobile phone, 44 per cent are seeking an upgrade for a better camera, while 34 per cent 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 per cent 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 per cent 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 per cent 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 per cent saying that they will buy from a brand they love and prefer, with 19 per cent 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, “Social media and short-form videos have been a game-changer in driving user preferences and purchase decisions. 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.”