As per the survey, 36.18% of respondents plan to increase their festive spending compared to last year, while 35.02% will maintain their previous spending levels
Bengaluru: As many as 86.35% of consumers are planning to purchase apparel and accessories during Diwali, followed by personal gifts (72.84%), home décor (70.83%), electronics (60.92%), and jewellery (48.13%), according to a report by advertising agency Rediffusion and Lucknow University.
The report titled ‘Diwali Pulse 2024 Report’ was based on surveys conducted with 3,480 respondents via in-person, phone, and online methods.
As per the report, respite rising costs, 36.18% of respondents plan to increase their festive spending compared to last year, while 35.02% will maintain their previous spending levels. Inflation, however, is causing 29.52% to possibly scale back.
Sustainability seems to be a growing factor in purchase decisions, with 83.36% of respondents considering environmental concerns, particularly in categories like fashion and electronics.
The survey reveals that 63.82% of shoppers are primarily motivated by discounts and offers, while 48.77% are influenced by tradition and cultural significance.
Online shopping continues to grow, with 58% of respondents favouring a hybrid approach, opting to shop both online and offline. Meanwhile, 20.98% of shoppers prefer to go fully digital. Over 85% of millennial and Gen Z shoppers prefer online purchases.
Social media influences 53.69% of consumers, particularly in fashion and electronics, driven by influencer marketing and engaging content. Meanwhile, 41.24% buyers still rely on TV advertisements and newspapers, especially for big-ticket items like vehicles and jewellery.
Nearly half of all respondents (49.14%) plan to make new investments during the festive season, with a strong focus on traditional assets like gold (55.26%) and real estate (40.74%).
While inflation is top of mind for many, 70% of respondents indicated that it doesn’t dampen their choices. 30.42% plans to increase spending by 25- 50% to accommodate rising costs.
The survey shows that 31.84% of consumers plan to buy furniture, and 23.88% intend to get their homes painted this Diwali. Additionally, over 30% are looking to purchase a new mobile phone, while 21.83% are interested in durables and home appliances.
“Bharat seems happy and wants to splurge this Diwali. The consumer is buoyed possibly by the surging stock markets and the stability in the government and economy. These are good times,” said Prof Alok K. Rai, vice chancellor of Lucknow University.
