Consumer spending is back as one in two Bharat users aim to spend more this year than they spent in the 2021 festive season, according to a report by ShareChat. The report further indicated that gifting is anticipated to be one of the top motivations for spending money during this festive period. As per Shankar Prasad, founder and CEO, Plum, as people get back to celebrate festivities with their loved ones in person, after two years, the interest levels for festive gifting have certainly seen a spike. “Also, as physical events and conferences get back to pre-pandemic levels, corporate gifting is also on the rise,” he added. The company has rolled out several gift packs that include its skincare, haircare, and makeup range.
“We expect over 12 times growth in gifting revenue this year with a total contribution of more than six percent to the business during October. There will be a surge in demand during the Christmas and New Year festive period as well,” Saibal Banerjee, vice president, merchandising and supply chain, Wellness Forever, told BrandWagon Online. Wellness Forever unveiled its curated gifting range called ‘Gift of Wellness’ for the festive season which includes a range of beauty products, healthy snacks, dry fruits, beverages, among others.
According to industry executives, demand for gifting packs is not just restricted to the metros. “Metros have shown a very strong demand this gifting season, however tier 2 and tier 3 cities are not far behind. We continue to see bulk orders being received from Kolhapur, Aurangabad, Ratnagiri, Hubli, among others,” Banerjee stated. Meanwhile, Laalit Lobo, vice president, marketing, Bombay Shaving Company, agreed to this. “There is a good interest across the board. We have seen demand from non-metros and smaller cities spike during this period,” he said, adding that the festive period gives brands a great opportunity to connect with audiences to build awareness and leverage purchase intent. The company, too, has rolled out festive kits with a starting range of Rs 649 leading up to about Rs 3,000 for consumers.
Demand for gifting packs is likely to continue till the New Year, as people now see more value in celebrating festivals with friends and family. “After two years of the pandemic, people are really looking forward to festivities with friends and family. Gifting activities have seen an upturn not only amongst friends and families but corporate gifting is back and the demand is better than before,” Rachel Goenka, CEO and founder, The Chocolate Spoon Company, which runs the brand Sassy Teaspoon, stated.