Inflation is certainly important, but Diwali has even more significance for Indian consumers, according to a report by Bharat Lab, a consumer- and citizen-centric joint initiative by Rediffusion and the University of Lucknow. Masu. More than 75% of respondents expressed concerns about inflation, but when it came to categories in which they planned to spend, they showed a significant willingness to spend more compared to the previous year, the report said. How much more were they willing to spend? About 66% of respondents said they were willing to spend 50-75% more. With the festive Puja/Diwali/Eid shopping season in full swing, Bharat Lab interviewed 1,027 consumers (Male = 526, Female = 501) from the Hindi heartland (mainly Uttar Pradesh) to find out We evaluated what’s on your shopping list for the season. The sample covered the entire spectrum of consumers in Bharat across age, income and gender. The study looked at how purchasing preferences in categories such as gifts, fashion, jewelry, automobiles, home decor, travel, and entertainment have changed compared to previous year’s spending.
Below are some of the key highlights of the report.
Strong interest in low-value investments – More than 85% of respondents across low, middle and high income levels planned to keep their estimated family spending limit to less than 50,000 for the Christmas season. Household items, especially white goods (payable in installments), are high on the Diwali shopping list. Among electronic devices, mobile phones (also available in installments) remain the most popular. Firecrackers go off – 72% of respondents said concerns about air pollution would influence their purchase of ‘Aatishbaaji’. Certainly the intention is low. Auto Brakes – With only 19% and 23% raising their hands to buy new four-wheelers and two-wheelers, this year could be a tough festive season for automakers in Bharat as a market . Perhaps this “intent” trend belies actual market conditions, which are actually more buoyant.
Offline to online, discount advertising has an advantage – just over 56% of respondents said they would rather shop at a nearby retailer. 43% claimed that if they really want a brand, discounts will be a key factor in their purchasing decision. However, 72% admitted that he had purchased some item from the e-comm site Maha Sales. Aesthetics over repairs – While 52% were planning renovations, more than 81% of those surveyed were interested in interior decoration. Interestingly, interest in home decor increased with age, rising from 86% of people aged 20 to 98% of those over 50. Is it good news for painting companies? Interior decoration? Also brown and white products for a better home? Travel more? 68% said yes. 21% would like to go abroad if they can afford it (and get a visa).
More movies? Only 34% said yes. They say Netlix and OTT are enough.
Dr. Sandeep Goyal, Chairman of Rediffusion and Founder of Bharat Lab, said: “Consumers in Bharat are both austere and extravagant. They are obviously concerned about inflation, but they also want to make sure that inflation doesn’t dampen their Diwali spirits. No wonder they are allocating more budget to fashion, home décor. Brands that invest in brand building will surely carry the momentum of Diwali into the wedding season till December.”
Dr. Alok Rai, Vice Chancellor, Lucknow University and Director, Bharat Institute, urged business leaders to strengthen the Bharat strategy, saying, “Of course, discounts are important, but consumers in Bharat also care about what the brand stands for. We care. Offline’s defiance is a testament to the success of our campaign to make local voices heard. And prioritizing gifts is a healthy indicator of the sense of community and family that Bharat is proud of.”
Dr. Sangeeta Sahu, Dean of Lucknow University, drew attention to the environmental consciousness of the people of Bharat and added, ”
Divyansh Bhadoria, Chief Strategy Officer at Rediffusion and Coordinator of Bharat Lab, concludes: But even this first report will help brands evaluate and reconfigure their Heartland strategies. ”