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Why 1 in 2 Indians reject bank applications: FICO survey insights

<keyword id="20599258" type="General" weightage="20" keywordseo="Indian-consumers" source="keywords">Indian consumers</keyword> demonstrated a significant increase in their <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword> in July this year, marking a 19% increase compared to the same month last year. According to a report released by <keyword id="19945737" type="General" weightage="20" keywordseo="SBI-Securities" source="keywords" meta.keywordsubtype="org" meta.entityname="SBI Securities" meta.hostid="261" meta.entityid="SBI Securities">SBI Securities</keyword>, the total expenditure by credit card users across the country reached an impressive Rs 1.7 trillion. This substantial uptick highlights the growing reliance on credit cards for transactions, reflecting broader economic trends and <keyword id="20740758" type="General" weightage="20" keywordseo="consumer-confidence" source="keywords">consumer confidence</keyword>. The report also highlighted a considerable increase in <keyword id="21118324" type="General" weightage="20" keywordseo="transaction-volumes" source="keywords">transaction volumes</keyword>, which surged by 39% year-on-year, reaching a total of 38.4 crore transactions in July 2024. This increase in the number of transactions underscores the widespread adoption and usage of credit cards as a preferred <keyword id="20632158" type="General" weightage="20" keywordseo="payment-method" source="keywords">payment method</keyword> among Indian consumers. "Credit card spending in India increased 19% YoY to Rs 1.7 trillion in Jul'24. The transaction volume during the month was 38.4 crore, up 39% YoY" said the report. The report also noted that among the banks, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> emerged as the leader in terms of transaction volumes, with its credit cards facilitating 9.9 crore transactions during the month. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> followed closely with 7.1 crore transactions, while SBI secured the third position with 6.3 crore transactions. In terms of transaction value, HDFC Bank again led the way, with a total spend of Rs 44,369 crore through its credit cards in July. ICICI Bank and SBI followed with Rs 34,566 crore and Rs 26,878 crore, respectively. The report said "In Jul'24, transaction volumes was led by cards issued by HDFC Bank (9.9 crore) followed by ICICI Bank (7.1 crore) and SBI (6.3 crore)". Additionally, the <keyword id="22988051" type="General" weightage="20" keywordseo="average-transaction-value" source="keywords">average transaction value</keyword> (ATV) also saw a marginal increase of 1.4% month-on-month in July 2024. This marks the first increase in ATV in ten months, suggesting a shift in consumer behaviour towards higher-value transactions after a period of stagnation. Overall, these figures reflect the growth of credit card usage in India, driven by increased consumer confidence and the convenience offered by credit card transactions.

Indians credit card spending increases 19% YoY to Rs 1.7 trillion in July 2024

Mumbai, Three out of five consumers surveyed in India believe it is normal for people to exaggerate income on <keyword id="20243269" type="General" weightage="20" keywordseo="loan-applications" source="keywords">loan applications</keyword>, according to a report on people's attitudes toward first-party <keyword id="20490528" type="General" weightage="20" keywordseo="financial-fraud" source="keywords">financial fraud</keyword>. The survey by global analytics software company FICO stated that more than a quarter (27 per cent) of Indians believe it is normal for people to deliberately misrepresent their income on mortgage applications. "Three in five consumers (63 per cent) think it is OK or normal for people to exaggerate their income on loan applications, significantly more than the global average of 39 per cent," the survey said. More than half (54 per cent) believe it is normal to falsify insurance claims, the global survey which examined 1,000 people in India said. Many Indians consider it fine to exaggerate income on personal loan applications, further complicating financial integrity. Just one third (33 per cent) of consumers believe it is never acceptable to exaggerate income on a personal loan application, while another third (35 per cent) finds it acceptable under specific conditions. "With over 60 per cent of Indian consumers viewing income falsification as acceptable or justified, banks face a very real problem of 'liar loans' that could skew risk assessment and increase bad loan rates," said Aashish Sharma, APAC segment leader for risk lifecycle and decision management at FICO. As many 1,000 Indian adults were surveyed, along with approximately 12,000 other consumers in Canada, U.S., Brazil, Colombia, Mexico, The Philippines, Indonesia, Malaysia, Singapore, Thailand, U.K. and Spain. Globally, attitudes are notably different, with the survey revealing the majority of consumers (56 per cent) firmly reject the idea of exaggerating income on loan applications, viewing it as never acceptable. Just, one in four (24 per cent) consider it permissible in certain circumstances, and only one in seven (15 per cent) view it as a normal practice, the report said. "Many consumers may not see this as harmful behaviour, but it's important to understand that when applying for financial products, applicants typically certify that the information they provide is accurate," Sharma said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms" target="_blank">Arkade Developers IPO allotment – Check allotment status, GMP, listing date and more</a><a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms" target="_blank">Western Carriers IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms" target="_blank">iPhone 16 series allows users to wirelessly restore the firmware using an iPhone or iPad</a>

Three out of 5 consumers think it's normal to exaggerate income on loan applications: Survey

<ul><li>The pandemic has made consumers painfully sensitive about the importance of health and immunity. </li><li>Kantar's report says that there's a more focused approach to individual health requirements, an increasing appreciation of the traditional diets and a growing interest in the functional benefits of our familiar kitchen ingredients are triggering conscious food choices.</li></ul>The last year has shown our immense capacity for adjustments and unhesitant flexibility in learning to coexist with the virus. From holding back spends to returning to shopping malls and airports with gusto, Indian consumers have adapted to the ebbs and tides of the pandemic. Preparing for exigencies went hand in hand with recalibrating needs and striving to build a fuller life. We are living in strange times and are yet to get completely accustomed to the new way of living. Nevertheless, there is a continuous effort to do more and be more with the spirit of ‘Carpe Diem’ whenever possible. Along with the conscious focus on care and safety, there is a constant lookout for pockets of enjoyment and social joy. Locked in their homes and under restrictions, Indian consumers have also had a year of epiphany. They have realised the value of self-care, mindful living and are now seeking a more sustainable lifestyle. Some old habits have been replaced entirely, others adjusted, and the changes are here to stay. Our 2022 Annual Trends are borne out of the insights we generate at Kantar, based on our conversations with consumers across the country, and help guide you through a period of recovery and innovation. Kantar brings you 10 themes that define how consumers are preparing themselves for 2022. <ol><li>Going small to live big</li></ol>In earlier times, the big city fuelled dreams and aspirations of the youth and beckoned with the promise to ‘make it big’. The same city now seems stifling with matchbox homes, chaotic traffic, hectic schedules and cluttered living. The urban trapped millennials have been looking for breathers in their busy corporate lifestyles, often finding respite in trips along unchartered tracks. The lockdown and the opportunity of working from home has allowed them to consider an alternate to the city humdrum. As companies chose remote working as ‘business as usual’, the service sector employees chose to move ‘back home’ to smaller towns. What might have started as a prudent decision to save high rent expenses eventually seems to have translated into a more longer-term lifestyle adjustment. There is a conscious effort to recalibrate needs and wants as *59% believe that the pandemic helped them be more appreciative of what they already have. Many are stepping away from the tiring race to success and charting their own path for professional fulfilment, often trading off a heavier pay cheque for a fuller life. Much of the infrastructural development in India has been metro centric. The current trend offers a unique opportunity to reimagine our cities, our infrastructure, and mobility. Brands, on the other hand need to reinforce supply chains to avoid losing customers due to last mile connectivity gaps. (*Source: NICS 2021) 2. Seeking assurance in ‘ghar jaisa’ khana The pandemic has made consumers painfully sensitive about the importance of health and immunity. A more focused approach to individual health requirements, an increasing appreciation of the traditional diets and a growing interest in the functional benefits of our familiar kitchen ingredients are triggering conscious food choices. Consumers are seeking comfort in familiarity, especially in the times of turbulence. They are more mindful of what they eat and are willing to make an effort to table fresher meals, *72% prefer fresh home cooked food than the packaged with the fear of preservatives. If the meals are not from their own kitchen, they would prefer it from someone else’s to be assured of the hygiene and quality of ingredients, thus making home chefs a rage. ‘Bahar ka khana’ is not yet worry-free as *44% do not feel safe ordering food online these days. At the same time there is a growing awareness about mindful eating rituals such as slow eating, appreciation of what’s on the plate and a deeper consciousness of the emotional connect with food. With increasing importance to freshly cooked meals, consumers would be open to kitchen solutions in terms of ingredients or appliances that make ‘home-made’ easier. Additionally, the affinity towards ‘home like food’ will also guide what the food industry will offer in terms of offerings on restaurant menus. (*Source: NICS 2021) 3. Proactive upskilling According to the World Economic Forum, while the rapid evolution of machines in the workplace will displace 75 million jobs by 2022, it will also create 133 million new roles. As companies have been on their accelerated journey of digital transformation, the moot question has been whether the Indian workforce is ready for this change. Constant learning has become an imperative for workers to adapt to changing times and stay relevant. Through this volatility, upskilling has become the new insurance cover in the job market, ensuring stability in an unpredictable workplace disrupted by technology. Proactive self-learning through online courses has become the new norm for working professionals trying to stay employable as well as students gearing up to join the work force. *65% of learners upskilled to strengthen career prospects and *33% of learners were senior-level professionals. As both freshers and experienced employees become more conscious of the skill gap and lean in to bridge it, enrolments into online courses continue to exponentially grow. Proactive and consistent training and development led by employers will be increasingly critical, not only to keep the workforce equipped for the changing workplace, but also to ensure that employees are engaged and invested in the evolving business imperatives of the organisation. (*Source: Simplilearn’s State of Upskilling in 2021) 4. Exercising autonomy through gig work The Indian freelance job market gained rapid acceleration with the pandemic induced job instability. However, what started as a necessity, is now a carefully considered choice for many. The comfort of flexible work schedules, coupled with an apathy for the corporate workstyle has been holding freelancers from going back to full-time employment. On the other hand, the Great Resignation of the west is showing signs in India too. ***62% of India’s workforce has the intention of switching jobs this year, compared to an average of ***41% globally. Most gig workers value the potential for higher earnings and flexible timings in their choice of work and are happy to trade off a steady income and job stability in the bargain. Women looking for employment after a sabbatical have found freelancing to be the much-needed bridge to join back the workforce. The nature of freelance work has also evolved and gig working is not limited to factory or support function jobs. **70% of the Indian freelancers on their platform were working in core management functions. With 15 million freelancers, India is already the second largest gig market in the world. In the long term, the Indian gig economy has the potential to service up to *90 million jobs in India’s non-farm economy. India Inc. should make the most of this opportunity to absorb diverse work force and let them contribute professionally while taking care of their personal comfort. (*Source: BSG Report; Unlocking the Potential of the Gig Economy in India 2021 **Source: Flexingit Survey, 2021 ***Source: Microsoft’s 2021 Work Trend Index) 5. Shrinking personal space with remote work Working from home had started with the promise of more comfort with workdays without travel and meetings without formals. Very soon this advantage was turned on its head as lines between work and personal life started blurring. Work expected you to be always on call and home assumed you were never away. Though remote work was expected to improve employee productivity, there is mounting evidence of increased burnout. **1 in 3 professionals in India feel burnt out due to increased workload and unmanageable stress. Professionals are seeking their personal space that has been squeezed between the responsibilities of home and work and they are looking forward to coming back to their workplace. *57% feel that commuting to their place of work would be a welcome relief after months of working from home. Corporate India has already taken cognizance of this situation and there have been measures to ease life in these times for employees. While focus has been on making work from home more convenient through virtual workplaces, organisations will also need to start rethinking their entire work models, culture, and values to ensure better mental health amongst the workforce. Employees are also learning to draw a line between personal and professional while operating from the same physical space. *Source: NICS 2021 **Source: Future of Work Perception Study by LinkedIn, 2021) 6. Yearning to get away from home Tired of being cooped up in their homes with social distancing norms, travel restrictions, people have been aching to step out of their homes. With the easing of mobility restrictions, restaurants are witnessing rising footfalls as Indian consumers making frequent visits to their favourite restaurants. Not only are consumers keen to experience a refreshing restaurant ambience rather than ordering in, the average order values have increased by *20%. Work from home restrictive lifestyles have also allowed some more disposable income which consumers are glad to spend outdoors as evident in luxury dining increasing by as much as *120%. Lockdown fatigue had resulted in strong pent-up demand which is fuelling unique trends of ‘getting away from home’. Travellers have started to rekindle their travel plans through weekend getaways and similar convenient means to escape from the challenging life of work-from-home stifling schedules. Considering the renewed emphasis on personal control over cleanliness and hygiene, travelers are looking for nearby locations for road trips. Staycations are also an emerging trend where people are checking into at luxurious hotels to rejuvenate themselves with a pampered weekend. With varying rules of social distancing as we witness new waves of the pandemic, consumers will learn to switch on and switch off their social lives but would always yearn to step out. As consumers continue to seek respite from house arrest yet again, by planning for getaways, dropping into restaurants for a meal or even choosing to work from coffee shops, the reassurance of sanitation and hygiene-related measures such us fully vaccinated staff would ensure that they keep coming back. (*Source: Report by Dineout) 7. Instagram is the new store Fuelled by India’s fast growing smartphone penetration and inexpensive data, social media access and engagement has been steadily growing. As the pandemic further accelerated the growth of the e-commerce, social commerce has emerged as a favoured means of online shopping. Making a purchase on social media has brought back the element of the shopping experience that shoppers miss in the online store environment. Discussions, direct messaging and video sharing features make social commerce closer to shopping in person. Consequently, social chatter is fast becoming an active driver of brand choice; while advertising manages to influence *38% towards a brand, *41% tend to be swayed by comments or reviews posted on social media. Riding on social word-of-mouth, today there are social commerce shoppers, account for **53% of total online shoppers in India. Stepping ahead of dynamic customer engagement, social commerce has proved to be an effective and affordable channel for smaller businesses. This channel has also presented a cost-effective alternative for larger businesses and brands reeling under the pressure of mounting <a href="https://www.ey.com/en_in/consulting/customer-engagement">customer acquisition</a> costs and struggling to protect these precious customers from competitors wooing them endlessly with deep discounts. *Source: NICS 2021 **Source: Report by WATConsult, Isobar) 8. Beauty goes beyond skin deep The pandemic brought hand hygiene to the forefront where consumers reacted out of fear without having the time or opportunity to make well thought through choices. The scenario however is vastly different today with consumers making well researched choices in personal care and are realising its significance of self-care more than ever. With virtual workplaces and limited social engagement, there is no mad rush to show up looking one’s best and people are moving towards a more sustainable self-care practice grounded in nature, health and wellness. There is an increasing positive disposition towards slowing down through daily self-care rituals. A stark contrast to the fast-paced world of the beauty industry that sells us quick fixes, cover ups and immediate results. Consumers have become extremely conscious about taking care of their bodies, and not just for the purpose of looking good. Fewer people are insisting on stepping out of home with make up (*30% vs. *49% last year) and declining interest towards cosmetic surgeries (*17% vs. *48% last year). The millennials especially have become acutely conscious of the long-term benefits of personal care regimes. What started as an obsession for sanitisers and hand-washes, has now gradually moved towards conscious choices of personal care, personal hygiene and wellness products. Brands need to be cognizant of shift in consumer choices towards personal care and grooming and cater to this growing affinity towards sustained self-care through their product solutions as well as communication of benefits.’ (*Source: NICS 2021) 9. True inclusion finding a voice among the youth Consumers are being drawn towards brands that embrace diversity and advocate causes that support social equity. The generation Z, being at the forefront of this movement, are evaluating brands with a conscientious looking glass. These globally connected consumers are constantly absorbing information and influences to make brand choices. They deeply value freedom of expression and the openness to accept different kinds of people and bluntly call out brands for stereotyping or alluding to any kind of discrimination. This generation is also taking active steps to make a change around them *36% of Indian Gen Z educated themselves on diversity and inclusion matters and *37% tried to educate and change the views of those around them. *22% of Gen Zs have boycotted a company because they didn’t agree to its views or actions. There have been examples of inclusive marketing countering stereotypes to create a vision that consumers can resonate with and embrace. There has been a shift in advertising campaigns featuring stories of real people told with a sensitivity that has found favour with consumers. Brands looking to engage this generation will need to extend their efforts beyond mere lip service. Just dressing brand communication with diverse imagery will not be enough. To stay relevant, brands need to embed diversity in their organisational culture as well as in their product development endeavours. (*Source: Deloitte 2021 Millennial and Gen Z study) 10. Collective consciousness towards sustainability The pandemic has been a wake-up call; consumers are now acutely aware of the cumulative damage caused to the environment by human carelessness and are eager to ‘make good.’ *76% pay lot of attention to environmental and societal issue in the news. Increasing awareness and heightened consciousness have paved the way for more mindful living where consumers are seeking to coexist with nature and the environment. *77% are prepared to invest time and money to support companies that do good and while shopping *64% consumers factor in sustainability atleast once in a while. Sustainable actions that people are most willing to take today like reducing food waste, saving energy are those that have been part of the Indian ethos for generations. Yet, there are gaps between intentions and actions as most shoppers buying on autopilot are focused on saving money rather than the planet. Further, they don’t often have enough information about how sustainable products are different and the impact they make on our environment. Brands can fuel these actions by increasing awareness about the use of green energy in their production process, making it easier to recycle, incentivizing consumers and making it convenient for them to buy sustainable products. (*Source: Kantar Sustainability Foundational Report 21)

10 themes that define how consumers are preparing themselves for 2022 as per Kantar

<ul><li>Capgemini launches a new report that decodes <keyword id="12920878" type="General" weightage="20" keywordseo="genz-and-millennials" source="Orion">GenZ and Millennials</keyword> shopping patterns.</li><li>As per the report, with convenience remaining a key priority for consumers, delivery and fulfilment are increasingly being transformed from a cost center to a growth driver for many organizations.</li></ul>Gen Z and <keyword id="8805554" type="General" weightage="20" keywordseo="millennial-shoppers" source="Orion">Millennial shoppers</keyword> are now more likely to order products directly from brands, and 72% of all shoppers expect to have significant interactions with physical stores once the pandemic subsides – up from 60% pre-COVID. This is according to a new Capgemini Research Institute report, What Matters to Today’s Consumer, which reveals the far-reaching impact of the pandemic on <keyword id="139079" type="General" weightage="20" keywordseo="consumer-behaviour" source="Orion">consumer behaviour</keyword> and preferences. More than two-thirds (68%) of Gen Z and over half (58%) of Millennials have ordered products directly from brands in the past six months, compared to 41% on average across all age groups. Only 37% percent of Gen X and 21% of Boomer shoppers have ordered directly from a brand in the last six months. For those who have bought directly from brands, almost two thirds (60%) cite a better buying experience as a reason for purchasing directly, and 59% cite access to brand loyalty programs. In return for these benefits, consumers are willing to share their data. Currently, almost half (45%) of all shoppers say they are willing to share data on how they consume or use products and more than a third (39%) say they are willing to share personal data such as demographic information or product preferences. However, 54% of all shoppers say that offers, deals, and/or discounts would make it more likely for them to share their data directly with brands. Tim Bridges, Global Head of Consumer Goods and Retail at Capgemini said, “Younger consumers’ willingness to go straight to brands when purchasing goods presents a real opportunity for consumer product companies. This enables them to collect consumer data and helps create a more mature direct-to-consumer channel. Being data-powered enables the consumer product and retail organizations to translate supply and demand trends into intelligent decisions on where best to stock their products, customize products and services, and enhance customer experience.” Online not likely to replace in-store shopping entirely The surge in ecommerce over the last two years due to safety concerns and the desire to avoid physical stores has now plateaued. The notion that online may replace in-store entirely has been disproven, and the majority of consumers (72%) expect to have significant interactions with physical stores after the pandemic subsides – exceeding pre-COVID numbers (60%). Globally, all age groups expect their level of in-store interactions post-pandemic to be higher than their online interactions. Boomers are the most likely to interact in-store (76%), and Gen Z the least likely (66%). However, the nature of these interactions is changing as the distinction between online and in-store continues to blur. For instance, post-pandemic, 22% of shoppers expect to have a high level of interactions with click-and-collect orders. This trend is highest for Millennials (33%) and lowest for Boomers (11%). Delivery and fulfillment services gain importance in certain segments With convenience remaining a key priority for consumers, delivery and fulfilment are increasingly being transformed from a cost center to a growth driver for many organizations. In the health and beauty and grocery segments, shoppers place greater importance on delivery and fulfillment than in-store experiences. This is especially true for groceries shoppers across all age groups, where 42% percent of shoppers say that delivery and fulfillment are the most important service attributes. The research also highlights that convenience of delivery is a major factor that can push shoppers to try new and emerging models of shopping. We found that slightly less than half of consumers (47%) who have purchased products via subscription services do so for the convenience of home delivery. Post-pandemic, 22% of shoppers expect to have a high level of interactions with click-and-collect orders (i.e., ordering online and picking up in-store or curbside), indicating an enduring desire to interact with physical stores. However, shoppers are less willing to pay a premium for fast delivery. Across all shoppers, 3.3% of the total cost is the average they would be willing to pay for two-hour delivery, down from 4.6% in 2019. While younger shoppers with children remain the most willing to pay a premium, consumers increasingly expect fast delivery as a standard part of the customer experience. Health and sustainability are top of mind for consumers Health and sustainability look set to continue influencing consumer decisions going forward, and organizations should consider investment in empowering customers to make informed choices around these, cites the report. In November 2020[2], 70% of consumers said they’d be more cautious about cleanliness and personal health once the pandemic is over, and 63% said sustainability will be more important when deciding which retailers and brands to purchase from. These figures have remained stable in 2021 at 69% and 60% respectively. 44% of consumers are willing to pay a premium for grocery products that have sustainable packaging. This is more pronounced amongst Gen Z (64%) and Millennials (54%) than older generations like Boomers (30%). How brands and retailers can capitalize on the evolving <keyword id="901027" type="General" weightage="20" keywordseo="consumer-trends" source="Orion">consumer trends</keyword> To meet the evolving needs of today’s consumer the report identifies four key actions for brands and retailers to benefit from these underlying consumer trends: 1. Collect and analyze first-party consumer data to customize new products and services for specific customer segments 2. Develop an omnichannel strategy that incorporates the roles of in-store, ecommerce, direct to consumer and marketplaces 3. Reposition delivery and fulfilment services as a growth driver for customer experience 4. Set pricing of sustainable products more competitively in line with consumer expectations

Gen Z and Millennials increasingly willing to buy directly from brands, bypassing traditional retail channels: Report

<ul><li>46% of families will shop clothes over big ticket items on account of Dusshera/Diwali.</li><li>76% of the families will use their personal savings for making purchases this festive season.</li></ul><keyword id="5043207" type="General" weightage="20" keywordseo="axis-my-india" source="Orion">Axis My India</keyword>, a consumer data intelligence company, released its findings of the India <keyword id="991354" type="General" weightage="20" keywordseo="consumer-sentiment-index" source="Orion">Consumer Sentiment Index</keyword> (CSI), a monthly analysis of consumer perception on a wide range of issues, for the month of September. The net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was recorded at +7, rising at a constant pace over the last three months, indicative of a positive shift in consumer consumption metrics. The sentiment analysis delves into 5 relevant sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits &amp; mobility trends. This month, Axis My India’s <keyword id="412367" type="General" weightage="20" keywordseo="consumer-sentiment" source="Orion">Consumer Sentiment</keyword> Index also delved deeper to understand perception around festival spends, pre and post Covid behavioural changes in terms of online purchase and UPI/wallet payment and citizen’s interest in IPL. The surveys were carried out via Computer Aided Telephonic Interviews with a sample size of 10639 people. 59% belonged from Rural India while 41% belonged from urban counterparts covering 28 states and 8 union territories. Commenting on the September report, <keyword id="182602" type="General" weightage="20" keywordseo="pradeep-gupta" source="Orion">Pradeep Gupta</keyword>, CMD, Axis My India, said, “As the pandemic retreats, we are seeing a steady return to normalcy, but with a cautious control over spending considerations. This is highlighted in the survey as 46% of the respondents will prefer spending on small ticket items such as clothes, while only 11% of the respondents will consider buying a two-wheeler or car. Expenditure on household essentials is more or less same since the last two months. However, expenditure on healthcare decreased compared to last month, suggesting people are being decreasingly affected by the pandemic. While 27% respondents reported an increase in UPI transactions, almost 49% still don’t use UPI/Wallets, suggesting a tremendous opportunity in digital payments. IPL has proved its unparalleled reach and what is emerging as a trend is that audiences are increasingly viewing it on digital especially in tier 3/rural markets which still have electricity cuts &amp; are single TV households." Key findings: ·Overall household spending has increased for 56% of families which is same as last month. ·The spends increase on essentials like personal &amp; household care is at 45%. The net score is almost the same as last month which is at +20. ·Spends on non-essential &amp; discretionary products like AC, Car, Refrigerator increased for 19% of families. This increase is highest in North &amp; East whereas the increase in South is only 8%. This increase still reflects an overall decrease by 2 percentage points from the previous month which stood at 21%. This can also be because 20th Sep – 6th Oct is considered the ‘Shradh period’ when high value purchases are postponed. The non-essentials September net score is at +7. ·Health continues to be an important consideration, with consumption on health-related items being increased for 44% of families and decreased only for 19% families. The health score which has a negative connotation i.e. the lesser the spends on health items the better the sentiments, has a net score value of -25. ·Consumption of media reflects increase for 26% families, with an increase of 1 percentage point over last month &amp; consumption remained same for 48%. Net score has improved from -3 last month to the base value of 0 this month. ·Constant improvement in mobility net score is being recorded since past three months which indicates a steady return to normalcy. In terms of mobility 88% families are saying they are going out the same or more on short vacations/mall/restaurants, with the overall mobility score is at -5 which is an improvement over last month which was at -8. This reflects a slight progress in people’s sentiments in terms of conducting outside activities. On topics of current national interest: ·When asked on shopping plans for Dusshera/Diwali, 46% of families said they will shop clothes while only 11% intend to buy a 4-wheeler or a 2-wheeler. More than 88% of the families denied any interest in buying white goods (AC, TV, Washing Machine, and Refrigerator) or jewellery this festive season. In addition, 92% showcased negative sentiment towards buying home, plot, or a commercial property. The consumer sentiment for the month also reflects that 76% of the families will use their personal savings for making these purchases while only 21% would prefer taking loan from the bank or financial companies. This gives an indication that while buying spirit is moderate this festive season, the ticket size for purchase still remains small reflecting a cautious spending behaviour without denting one’s personal savings. ·In terms of online shopping behaviours 33% are buying electronics like laptop, mobile etc. online while high value items like jewellery and groceries (fresh food, rice, oil and meat) are still bought physically, indicating the view of 90% and 92% of the consumers respectively. Furthermore, banking and investment behaviour reflect a combination of both offline and online hybrid behaviour standing at 19%. ·40% of Indian’s mentioned that they have watched IPL at least once. When asked, where will you continue to watch the remaining season of IPL, 31% of those who watching mentioned that they are watching it online. Interestingly percentage of audience watching online is higher in Rural India. ·Reflecting a transformation in consumer payment behaviour in the post-covid period, 27% have said that they have increased their usage of UPI/wallet payments (Paytm/Phonepe, Google Pay) while 49% still don’t use these online transaction mediums. Interestingly the increase in usage of UPI payments is gradually decreased with increase in age of respondents. The increase is highest for the age group of 18-25 years which is at 36%.

40% of India has watched IPL at least once, 31% of those watched have viewed it on a digital platform: Report

Overall consumer sentiment up by 5.5 points compared to July, signaling a cautious but steady improvement due to festive season: Report

<ul><li>The last few years, with the additional changes the pandemic brought, have seen a tectonic shift in retail and the way brands are reaching their consumers. </li><li><keyword id="186599" type="General" weightage="20" keywordseo="krishna-iyer" source="Orion">Krishna Iyer</keyword>, Head of Agency, Twitter - India writes how the status quo is being questioned and past growth no longer guarantees future success. </li><li>He discusses how new and upcoming brands across categories have digitally acquired an audience through innovative digital communication and have carved a space for themselves in the market.</li></ul>25+ TV brands. 100+ headphone brands. 250+ mobile phone brands. Let this sink in for a minute. These are the number of brands that India has for the respective categories mentioned and this number is growing with each passing year. Henry Ford definitely didn’t see this happening 110 years after he said ‘any customer can have a car painted any colour that he wants, so long as it is black’. As a consumer we probably remember 2-5 brands in each category. Yet, this doesn’t seem to dissuade new entrants from finding ways to disrupt the category, shift share of voice and throw their hat in the ring. Technology, access to capital, a growing consumer base with high disposable incomes and larger than life ambitions have fuelled entrepreneurship and birthed these new brands. The status quo is being questioned and past growth no longer guarantees future success. Disruptors are changing the game and going beyond competitive prices and swanky showrooms. Their strategies are based on a deep understanding of what the consumer of tomorrow is going to look like and what the product needs to evolve into. Lessons from Direct-to-Consumer (D2C) The last few years, with the additional changes the pandemic brought, have seen a tectonic shift in retail and the way brands are reaching their consumers. Direct-to-Consumer (D2C), which started at a slow pace years ago, is poised to be a $100b market by 2025 [Source: <a href="https://www.kalaari.com/wp-content/uploads/2021/08/uniquely-india.pdf">Uniquely India: Digital Opportunity</a>, Kalaari Capital]. Over 600 D2C brands operate in India across industries like F&amp;B, beauty, apparel, lifestyle, electronics and more, serving consumers directly without any middlemen. A lot of these brands are riding the way of quirkiness, personalisation and rarity. The fact that these brands are not available at every store nor are abundantly visible, gives them a halo of exclusivity and drives conversation. There is effective use of content, social advertising through stand-out creatives, influencer collaborations, alignment with events or social communities where the quality and relevance of the audience is more important than the quantity. The ability to talk directly to their consumers is a win-win on both sides of the balance. Successful and growing D2C brands like <keyword id="4548811" type="General" weightage="20" keywordseo="mamaearth" source="Orion">Mamaearth</keyword> (<a href="https://twitter.com/mamaearthindia?lang=en">@mamaearthindia</a>), boAt (<a href="https://twitter.com/RockWithboAt">@RockWithboAt</a>), Bewakoof (<a href="https://twitter.com/bewakoof">@bewakoof</a>), <keyword id="7433188" type="General" weightage="20" keywordseo="sugar-cosmetics" source="Orion">Sugar Cosmetics</keyword> (<a href="https://twitter.com/trySUGAR">@trySUGAR</a>) have proven that the right cocktail of product, digital penetration and consumer engagement can create potential industry disruptors fairly quickly, and give established brands a run for their money. Building a stand-out brand A disruptor brand analyses the what, how and why of any communication it puts out to ensure that the brand's voice does not drown in the deluge of marketing messages a consumer gets every day. Whether it is an OTT like <a href="https://twitter.com/ahavideoIN/status/1438460476480909312">Aha Media</a> using local language and regional targeting to ensure relevancy, or a consumer electronics brand <a href="https://twitter.com/RockWithboAt/status/1412706381682012163">boAt</a> aligning itself with a ‘disruptor’ of India’s most loved sport, or an investment advisory like <a href="https://twitter.com/TejiMandiApp/status/1412755731170791424">Teji Mandi</a> keeping it simple but effective and focussing on the finance &amp; business audiences. The results of such brands focussing on being quick, content-first and deliberate is evident. <a href="https://twitter.com/RockWithboAt">boAt</a> recorded a 550% YoY growth and was the #1 brand in the truly wireless hearables market for Q1’21; <a href="https://twitter.com/trySUGAR">Sugar Cosmetics</a> crossed INR 100 crores of turnover and grew 80% YoY between 2019 &amp; 2020 whilst also having over 10,000 retail points with a focus on omnichannel; and <a href="https://twitter.com/bewakoof">Bewakoof</a> has catered to over 40 lakh customers till date. Choices legacy brands must make to stay relevant Legacy brands cannot be written off especially if they are nimble, forward thinking and relatable. They have the advantage of a vast repository of experience, people, partnerships and resources to mine, which if used effectively can enable legacy brands to be as ‘connected’ as any new successful disruptor brand. A legacy brand too when it launched, rose due to the uniqueness that it established back in time. To succeed, it will have to find that new ‘disruption’ within its large multi-dimensional machinery to ensure freshness and carve out the next phase of growth with a new set of consumers. The road ahead is nothing short of a turf war in a classic western movie. Disruptor brands will fight to exist and legacy brands will fight to dominate. Legacy has no meaning if there is no past, present and future. The disruptors are here to challenge that.

The rise of disruptors: how new age brands are challenging the status-quo

<ul><li>Indian consumers show digital endurance as the festive season drives sales across categories- findings by Criteo.</li><li>As per the report, festive shopping started one month prior to Diwali in 2021, with +27% spike.</li></ul>Criteo today released the findings from the 2021 &amp; 2020 festive seasonality data. According to the 2021 data, home furnishing and food topped the list of the most popular shopping categories with +42% and 18% sales 5 days before Diwali. Criteo’s data further revealed that this year marketers witnessed an early shopping hype during pre-Diwali from late September 2021, compared to mid-October in 2020. The highest peak observed during the period of the Big Billion Days was on October 3rd 2021, representing an overall Y-O-Y daily sales of 200% with the first 7 days of September 2020 as a baseline. Taranjeet Singh, Managing Director of Southeast Asia and India, Criteo, said, “The Indian E-commerce industry had seen a categorial upsurge, enabling marketers to invest more in digital advertising including mobile marketing. We observed that consumers apply the basket and sales strategy during e-commerce sales specifically for the Big Billion Days period, wherein consumers place their items into shopping carts prior to the date of sale and complete their transaction while the platform commerce sale goes live. In Criteo’s 2020 data, it can be seen that people started to look into items approximately 3 days before, recording 120.8% in the indexed basket. Moreover, growing trends of video ads indicate that video is gaining importance this festive season. According to <a href="https://go.criteo.com/2021-holiday-commerce-report/">Criteo’s 2021 Holiday Commerce Report</a>, consumers are receptive to ads when they’re watching videos and will take actions like searching for and purchasing the products they've seen.” Indexed Daily Basket &amp; Sales Events, 2020 (Baseline: first 7 days of October 2020) The 2020 and 2021 data additionally reveal deeper insights on the evolving e-commerce trends expected this year: <ul><li>With September 2020 as a baseline, approximately 86% pre-Diwali daily sales were noticed in October 2020, whereas 2021 detected 200% of daily sales in the end of September, marking the beginning of the Big Billion Days period. </li></ul> Indexed Daily Sales of 2021 &amp; 2020 (Baseline: September 2020) <ul><li>5 days before Diwali 2021 demonstrate an increase in the buyer’s retail shopping interest. Home furnishing and Food led the festival with respectively +42% and +18% sales (with First 7 days of October 2021 as a baseline).</li></ul>Diwali 2021 Indexed Sales (Baseline: First 7 days of October 2021) <ul><li>With the first 7 days of October 2021 as a baseline, festive shopping started one month prior to Diwali in 2021, with +27% spike. </li><li>For the rest of October, the sales remain moderate, however, there are two small increases around October 17th and 23rd, although it didn’t exceed the trend observed at the beginning of the month. Indexed Sales in 2021 (Baseline: First 7 days of October 2021)</li></ul>

Home furnishing and food were the most popular shopping categories with 42% and 18% hike in sales 5 days before Diwali: Report

<ul><li>Online <keyword id="1460935" type="General" weightage="50" keywordseo="festive-sales" source="Orion">Festive Sales</keyword> in India continued to grow at a blistering pace and saw a 23% YoY growth in Gross Merchandise Value (GMV).</li><li>A slew of new launches and easy financing options meant that Mobiles continued to remain the most widely-sold product category during this time.</li></ul>Recent figures released by homegrown consulting firm <keyword id="3359665" type="General" weightage="20" keywordseo="redseer" source="Orion">RedSeer</keyword> indicate that 2021 saw India witness its biggest ever Festive Sales with brands clocking a GMV of $9.2 Bn through online channels over this period. Incidentally, RedSeer came remarkably close in predicting this figure with its forecast of $9.6 Bn for this year’s GMV falling within just a ~5% range of the actual figure ($9.2 Bn). As has been the case for the last five years or so, online Festive Sales in India continued to grow at a blistering pace and saw a 23% YoY growth in Gross Merchandise Value (GMV). A slew of new launches and easy financing options meant that Mobiles continued to remain the most widely-sold product category during this time, accounting for more than a third of the total GMV. With hoards of people finally getting to leave their homes after months of lockdown, the Fashion category witnessed a resurgence like never before. Driven by consumers’ desire to refresh their wardrobes and new innovative business models catering to shoppers in Tier 2 cities, the sales of Fashion items via online channels doubled this year. On the other hand, the categories that witnessed subdued growth this year included the likes of Home furnishings, Home Décor, Furnishings and Other Electronics. The overall online shopper base grew by ~25% compared to last year with 57% of the total shoppers coming from Tier 2+ cities. This meant that this year’s Festive Sales were dictated by affordability schemes. While the overall online GMV and absolute number of shoppers both increased, the GMV per user declined from INR 6,570 to INR 6,490 as relatively less expensive items such as Fashion products saw an increase in their share of the overall GMV. The Flipkart Group emerged as the leader during the festive sales with an impressive 62% market share. Rising consumer demand certainly contributed to the growth of overall GMV during the online Festive Sales. However, eCommerce platforms also deserve credit for the steps they took to further boost this demand. Strategies to boost demand included: <ol> <li>High pre-sales marketing and campaigns including a “curtain-raiser event” to reveal sale prices and “pre-book” items at discounted prices.</li> <li>Enabling affordability through banking partnerships and seller-driven discounts on aspirational brands to bring the most competitive price to customers.</li> <li>Warehouse and demand planning to fulfil orders to the customers much quicker.</li> </ol>

$9.2 billion worth of goods were sold online during the Festive Sales in 2021: RedSeer

<ul><li>Marked with great fanfare and fervour, Diwali is the season of not just lights, colours, and sweets but also family reunions and bonding sessions. It is the festival of homecoming and togetherness.</li><li>Brands also make the most of this shopping festival to connect with consumers and put together the biggest advertising carnival.</li><li>Here is a list of advertisements that stood out in the clutter.</li></ul>Traveling back home to spend time with our family, trying to make the perfect rangoli, untangling fairy lights to brighten up your home, and dancing after a sugar rush -- these are just a few things that make Diwali special. It is also one of the widely celebrated festivals in India that has turned into the biggest shopping festival. It is also an advertising carnival which brings up an opportunity for brands to reconnect with consumers as the overall market sentiment drastically improves. Brands pour in big monies on television, Out of Home, and digital mediums to reach out to consumers at multiple touchpoints. After a long-dry-spell, brands are making sure that they don’t miss this opportunity to reconnect with consumers and market sentiment has already picked up, as revealed by Axis My India report. Its November net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was recorded at +9, up from +7 last month. It has been rising at a constant pace over the last three months, indicative of a positive shift in consumer consumption metrics. Consumers are also more willing to step out now and shop locally. The report’s mobility net score reflects a constant improvement over the last four months. 88% of families said that they are going out the same or more on getaways/staycations /malls/restaurants, with travel bans being lifted and double vaccination providing easier movement opportunities. The overall mobility score is at -4, which is an improvement over last month at -5. This reflects slow but consistent progress in people’s sentiments for engaging in out-of-home activities. This Diwali, many brands decided to shine a spotlight on heroes who went unnoticed during the most difficult phase of this pandemic. They urged consumers to support different sectors of our society who have been badly impacted by COVID-19 and are struggling to make ends meet. A few of them also reminded consumers to keep aside crackers that harm the environment and celebrate the festival of lights and kindness with their four-legged companions. All brands played a joyful role by uplifting consumer sentiment and encouraging them to enjoy the festive season once again with their heartwarming campaigns. Here are a few campaigns that caught our attention: <keyword id="136808" type="General" weightage="20" keywordseo="cadbury-india" source="Orion">Cadbury India</keyword> <div type="Youtube" id="5WECsbqAQSk" title="Supporting Local Retailers This Diwali | Not Just A Cadbury Ad Campaign Video" thumbUrl="https://i.ytimg.com/vi/5WECsbqAQSk/mqdefault.jpg"></div> HP India <div type="Youtube" id="wxXhvjFvn_A" title="Diye Se Diya Jalao" thumbUrl="https://i.ytimg.com/vi/wxXhvjFvn_A/mqdefault.jpg"></div> Mother Dairy <div type="Youtube" id="CwhFSJDD0ks" title="Naya Riwaaj Dhara ke Saath" thumbUrl="https://i.ytimg.com/vi/CwhFSJDD0ks/mqdefault.jpg"></div> Supertails <div type="javascript" title="Instagram" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Tanishq <div type="Youtube" id="KzVQ_nY2M9k" title="Tanishq presents #Utsaah" thumbUrl="https://i.ytimg.com/vi/KzVQ_nY2M9k/mqdefault.jpg"></div> Greenply <div type="Youtube" id="crC5iEXzFXI" title="The Table - #YahanRishteBasteHain" thumbUrl="https://i.ytimg.com/vi/crC5iEXzFXI/mqdefault.jpg"></div> Vivo India <div type="Youtube" id="x7ab0tdj5Vk" title="Celebrate the #JoyOfHomecoming this Diwali" thumbUrl="https://i.ytimg.com/vi/x7ab0tdj5Vk/mqdefault.jpg"></div> Wiggles <div type="Youtube" id="EwjkAqY_3aM" title="Umeed Bhari Diwali | A Wiggles.in Initiative" thumbUrl="https://i.ytimg.com/vi/EwjkAqY_3aM/mqdefault.jpg"></div> ZEE <div type="Youtube" id="hV3Jaxhb4VU" title="Yeh Diwali Kisson Wali - Vocal For Local - Zee Diwali" thumbUrl="https://i.ytimg.com/vi/hV3Jaxhb4VU/mqdefault.jpg"></div> Greenlam <div type="Youtube" id="irGY9KWsAH4" title="Celebrate Diwali at home" thumbUrl="https://i.ytimg.com/vi/irGY9KWsAH4/mqdefault.jpg"></div> Godrej <div type="Youtube" id="7if8VXEy4A8" title="The recipe of #CookingGoodness | Godrej Group" thumbUrl="https://i.ytimg.com/vi/7if8VXEy4A8/mqdefault.jpg"></div> Havells <div type="Youtube" id="IZqiI-lJH0o" title="Havells Hexo Mixer Grinder | Powerful Mixer Grinder | Tamil" thumbUrl="https://i.ytimg.com/vi/IZqiI-lJH0o/mqdefault.jpg"></div> LG Electronics <div type="Youtube" id="Yxzbjl5WZ5E" title="Roll Out The Future With LG OLED #OLEDNSRK" thumbUrl="https://i.ytimg.com/vi/Yxzbjl5WZ5E/mqdefault.jpg"></div> Pickrr <div type="Youtube" id="JuO-Q-gTwSM" title="This Diwali celebrate happiness with your loved ones #KhushionKiTarakki by Pickrr" thumbUrl="https://i.ytimg.com/vi/JuO-Q-gTwSM/mqdefault.jpg"></div> CottonKing <div type="Youtube" id="w9WsnJCQp0c" title="CottonKing | Bhaubeej Film | Tejashree Pradhan | Abhijeet Khandkekar | Mayur More | ADbhoot" thumbUrl="https://i.ytimg.com/vi/w9WsnJCQp0c/mqdefault.jpg"></div> Spice Money <div type="Youtube" id="7w_Hjda5Adg" title="Spice Money wishes everyone &quot;Dil se Diwali&quot;!" thumbUrl="https://i.ytimg.com/vi/7w_Hjda5Adg/mqdefault.jpg"></div>

Hope shines the brightest in Diwali advertising campaigns this year

<ul><li><keyword id="12297640" type="General" weightage="20" keywordseo="shopify-india" source="Orion">Shopify India</keyword> launches Festive Shopping Outlook Report 2021. </li><li>The Indian Retail Sector can expect to cater to smarter, savvier shoppers this Diwali.</li></ul>Shopify India has released an exclusive industry trend report based on their 2021 Consumer Insights Survey. The Festive Shopping Outlook Report 2021 has been put together against the background of the pandemic, even as the Indian retail sector continues to witness radical changes when it comes to consumer behavior and buying patterns. The survey, conducted between September 15, 2021 to October 20, 2021 amongst 800 metro and non-metro Indian shoppers, reveals changing consumer shopping preferences heading into the <keyword id="36208" type="General" weightage="20" keywordseo="festive-season" source="Orion">festive season</keyword>. These trends will ultimately determine the course that the Indian retail sector will follow, by elevating consumer strategies and aligning themselves to the new order. The survey by Shopify India has been released to decode changing consumer trends and sentiments in the run-up to Diwali – one of India’s most important annual festivals, that also results in the largest shopping period in the country. At its core, the report is aimed at studying the impact that multiple lockdowns, shifting retail landscapes and a struggling economy have had on consumer pockets and mindsets. The Festive Shopping Outlook Report 2021 published nine major trends that emerged from the Consumer Insights Survey. Heightened confidence in e-tailers waters down traditional advance festive shopping The pull of last-minute discount deals along with short-lead/express delivery advantages offered by e-retailers have been instrumental in gaining consumer confidence. According to the report by Shopify India, 2 in 3 Indian shoppers had not started shopping for the festive season at the time of taking this survey. This is in sharp contrast to pre-pandemic traditional behaviors where festive shopping in India would kick off in full swing nearly a month in advance. Smaller Indian cities emerge as key e-shopping growth hubs Multiple factors such as India’s nationwide mobile penetration, brands opting to shift to a D2C model, enhanced last-mile delivery and customer-friendly return policies have been instrumental in bringing the millennial, non-metro shopper to opt for the digital medium. While online shopping – in the last decade – has largely been prevalent amongst consumers in tier-I Indian metropolitan cities, the pandemic has accelerated and driven this growth up the charts in tier-II cities and non-metros as well. According to Shopify’s Festive Shopping Outlook Report, 53.5% millennial shoppers from non-metros have displayed a strong preference to shop online. Health &amp; safety concerns push customers to adopt tech-enabled, family shopping experiences Even with increased vaccinations, consumers are wary of offline/physical shopping and in-person interactions. Convenience, value for money and personalization offered by online players has enhanced e-purchasing’s appeal. However, one thing remains the same – Indian shopping still continues to be a family affair! Half the respondents of the survey indicated that they will prefer involving their families even when shopping online during the festive season. Local businesses to win big as consumers wake up to the advantages of shopping locally Close to 58% respondents stated that they would prefer to support and shop from small online businesses during this year’s festive season. This is in sharp contrast to the usual skew towards high-end brands when it comes to gifting and festive shopping. Smaller retailers have managed to capture consumer attention and loyalty by offering a range of value for money options, along with individual attention and personalized experiences. These benefits, combined with the emotional pull that consumers feel towards extending support and encouragement to businesses that are fighting to survive, have been instrumental in driving e-sales at these small, local establishments. Festive gifting gets utility-focused Consumers are now leaning towards gifts with high functionality and utility value, as opposed to standard festive sweets or dry fruit tokens. Home confinements have led to consumers realizing the need to constantly upgrade or enhance their abodes. It comes as no surprise that home décor and furnishings topped this year’s festive shopping lists with over 50% respondents displaying preference to spend on gifts under this category. Big budgets parked for electronics, dimming the spotlight on jewellery Despite being considered auspicious as well as status symbols, gold and precious metal jewellery which have been traditional festive gifting favorites seem to have fallen out of favor with Indian shoppers this year. The pandemic has inspired consumers to put their money where major dependencies lie; in tech gadgets. This festive season, electronic gadgets are all set to command maximum consumer gifting budgets with close to 42% respondents to Shopify’s survey showcasing increased propensity towards it. High-speed internet connections and a heightened need to stay connected have increased consumer reliance on gadgets. This has translated onwards onto a large proportion of downsized festive budgets being allocated to electronic products this year. Consumer sentiment confirms that the online shopping boom is here to stay According to Shopify India’s Festive Shopping Report 2021, 76.9% Indian consumers show deep inclination towards online shopping this festive season because of the convenience it offers. While traditionally festive shopping has been an offline retail activity, pandemic-induced restrictions put in place to contain the virus forced most retail activity to move online. A practice that many consumers have got familiar with and also appreciate for the bouquet of benefits it has to offer. However, this year, even with the lifting of most restrictions, high vaccinations rates and a lower covid caseload in India, Shopify India has witnessed a continued preference for virtual retail. Contactless spending set to dominate the future of payments in India and in ‘Bharat’ With the pandemic necessitating contactless payments and boosting cashless transactions, cash is no longer king in an economy which was previously heavily reliant on cash. Armed with the second-largest mobile-user base globally, India has transitioned into the e-payments era on the back of easy, convenient and accessible UPI payment options. Nearly 50% respondents surveyed by Shopify stated that they preferred to process payments via UPI as opposed to any other form of transaction. Interestingly, the preference remains consistent across both, online and offline shopping experiences. Conclusion Diwali 2021 is set to witness the rise of a smarter, savvier Indian consumer generation which is highly dependent on technology and mobile connectivity. They now seek convenience and value over all else and have broken away from traditional token gifting. It can safely be said that this year, Indian consumers are planning their Diwali shopping with an eye on the future. A future which they are already scripting; one Rupee at a time.

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