47% Indians to spend over Rs 10,000 in upcoming festive season: Report

Nearly half, 47 per cent, Indians will spend over Rs 10,000 on festive purchases this year, a report released on Friday showed. The customer sentiment is significantly higher than last year when 19 per cent of Indians said they would spend over Rs 10,000.

According to "#FestiveFeeling Report 2023" released by social media platforms ShareChat & Moj, 48 per cent of those who wish to spend over Rs 10,000 will spend Rs 20,000 or more. The report was based on an in-app survey of 2,355 people aged between 20 and 50 years.

The report further highlighted that out of these, over half (54 per cent) of the Indians wish to buy clothes. Thirty-seven per cent wish to buy products for home improvement, and 30 per cent want to buy mobile phones.

Seventeen per cent wish to buy jewellery, with the highest among them, 47 per cent, willing to buy gold. Ten per cent want to buy silver, and 5 per cent wish to buy diamond and platinum.

The top factors which will be considered to buy a product in the upcoming festive season will be discounts and offers. Around 59 per cent of the respondents said they would purchase based on these offers. 28 per cent will decide based on the brand and 20 per cent will go for features and specifications.

The inclination to prioritise discounts and offers is the highest in the age group of 25 to 35 years at 62 per cent.

Sixty per cent of Indians, according to the survey, want to buy mobile phones priced below Rs 15,000. It is followed by 20 per cent in the price range of Rs 15,001 to Rs 25,000 and 16 per cent in Rs 25,001 to Rs 50,000. Only 4 per cent wish to buy a phone costlier than Rs 50,001.

"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," said Udit Sharma, chief revenue officer, ShareChat & Moj.