ShareChat and Moj released a report titled India’s #FestiveFeeling Report 2023 with findings based on data collected through an in-app survey among 2,355 respondents aged between 20 and 50 years. The survey aims to decode the festive outlook and shopping sentiment of Indians ahead of the season, and deep dives into specific categories that users will be spending most on.
There is likely to be a significant jump in the spending of Indians this year with 47 pc expected to spend over INR 10,000 on festive purchases. This is about 2.5 times more than last year, the report said.
Of those spending a minimum of INR 10,000, around 48 pc will spend INR 20,000 or more. Home improvement is likely to see significant spending this year, making the category among the top three that Indians are likely to spend on after clothing and mobile phones. Around 66 pc of Indians are seen using their savings for purchases this year, and discounts will drive a large percentage to choose brands and products, with 59 pc prioritising the offers.
Among those looking to buy home appliances, 19 pc are likely to buy a new television, and 18 pc a washing machine. Among those looking to upgrade their mobile phones, 44 pc will seeking a better camera, while 34 pc will look for technological advancements with a 5G-enabled device.
In the beauty products category, perfumes and makeup will take the top spot, and 14 pc more males plan to buy perfumes this festive season than females, the report said.
Udit Sharma, Chief Revenue Officer, ShareChat & Moj, said, “At ShareChat and Moj, we know India’s content preferences and how they love to express and celebrate, especially during festivities. Social media and short form videos have been a game-changer in driving user preferences and purchase decisions. 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 deep understanding of culture and language, a strong mobile-first approach and the best of creativity, to gain significant leverage.”
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