One in three Indians to spend more than ₹10,000 on shopping in the upcoming festive season, says report

• 33% of Indian households are likely to spend more than ₹10,000 this festive season, as per a survey report by LocalCircles.
  
• It is common for Indian families to plan their major purchases like home furnishings, automobile, jewellery, etc. during the festive season as many consider it to be auspicious.
  
• About 49% of the households wish to visit physical stores and markets for shopping.

The much-awaited long festive season is coming – usually beginning mid-September and stretching till November – and the manufacturers are banking on Indians to purchase their items despite the pressure of rising prices.

In fact, 33% of Indian households are planning to spend more than ₹10,000 this festive season, according to a survey by LocalCircles. However, 35% of Indian households said that they didn’t plan to spend anything this festive season. The report also found that about 12% Indians plan to spend ₹50,000 or more this season.

It is common for Indian families to plan their major purchases like home products, automobile, jewellery, etc. during the festive season as many consider it to be auspicious.

The Indian households who wish to spend money also include people with high disposable income who could neither do their festive shopping nor go to social events and gatherings in 2020 and 2021 due to Covid-19.
People want to go to stores to shop
Going to malls and stores for purchasing was something that most Indians missed during the two years of pandemic. To make up for it, over 49% of households wish to personally visit physical stores and markets for shopping, the survey found.

The fact that Covid cases have dipped across the country and people now feel safe to go out is a major factor driving people to malls and stores. Also, a lot of brands are offering attractive discounts to attract youngsters and family shoppers during the festive season – another big draw.

“Some of the contributors to the phenomenon of consumers going back to visiting malls, retail stores, market shops, etc. can be attributed to people spending money in categories like jewellery, automobiles, home renovation/furnishings etc. some of which are traditionally more touch and feel than packaged groceries, consumer electronics, gadgets, etc,” the report said.

However, 38% of the respondents are likely to rely on e-commerce websites or depend on the local stores for their purchases this festive season.

The report also highlighted that despite low Covid numbers, around 5% still chose home delivery options after selecting from online catalogue by local stores mainly due to lingering fears of the infection.

The survey got 58,000 responses from household consumers located in 362 districts of India, including tier 1, 2, and 3 cities and rural districts.

SEE ALSO:
Reliance New Energy picks up 20% stake in Caelux to shore up its position in advanced solar tech
Four billionaires debut on rich list after IPOs