As per the report, more consumers show intent to buy jewellery this festive season as opposed to last year
The survey reflects the rise of omnichannel shopping with online being the primary mode of discovery. 73% consumers express intent to shop online while 66% and 46% of them are also considering shopping at malls and at stand-alone shops, respectively, according to Retailers Association of India (RAI) and LitmusWorld’s annual survey. The report further states that the excitement of festive shopping and reconnecting with loved ones is evident in the survey this year, which indicates that 94% of the respondents are excited to shop during the ongoing festive season as compared to 80% last year.
Consumers have indicated an overwhelming eagerness to shop in this year’s consumer survey as more than half of the respondents plan to shop for themselves as well as for their loved ones, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said. “This augurs well for retail businesses and may lead to a turnaround. Retailers are hopeful that the positive sentiment continues and are hoping that a third wave of the pandemic doesn’t eclipse the Diwali glow,” he added.
Topping the festive shopping list this year are apparels (63%), followed by home appliances and electronics (50%) and mobile phones (36%). Jewellery is back among the top things to buy this festive season for 27% of respondents this year, as against a mere 9% last year.
“There has been a pent-up demand with the Indian consumer waiting to celebrate festivals in the post-pandemic world. This has triggered the revival of a very positive festive shopping sentiment. The index has also shown a significant upsurge in the share of wallet for high value purchases across categories,” Khushaal Talreja, head, marketing, LitmusWorld, highlighted.
About 43% of respondents are willing to spend in the range of Rs 15,000 – Rs 1,00,000 and 9% (4% up from the last year’s 5%) are looking at spending above Rs. 1,00,000 during the ongoing festive season. Non-cash mode of payments continues to be the trend this year as well with credit cards (59%) being the mode of choice, followed by debit cards (51%) and UPI (40%). As many as 21% respondents indicated that they would opt for EMI or pay later schemes when shopping, indicating the emergence of a new trend.
Online and social media continue to influence consumers, while purchase decisions are largely based on product features, followed by experience and discounts.
The Festive Shopping Index is an annual consumer sentiment survey by the Retailers Association of India (RAI) and LitmusWorld. The survey initiates conversations with Indian consumers to measure their shopping sentiment during the festive season. The Index predicts the predominant consumer shopping behaviour during the festive season, which retailers can use as a guide to becoming more consumer-centric during the most crucial quarter of the year.