Carat – the media agency from dentsu India, has launched a festive report, ‘Reimagining India’s Festive Landscape 2023’. The report highlights insights into the varied phases of an individual’s journey to becoming a festive consumer. According to the agency, the report is designed to bring a significant shift in perspectives, enabling brands to craft a robust people-centric engagement plan that can target consumers across the marketing funnel.
Throughout the year, people often exercise financial restraint, particularly when it comes to personal spending. However, the festive season possesses a power to loosen even the tightest purse strings. As per the report, approximately 65% of people witness an uptick in their spending during the latter half of the year especially as the pre-Diwali fervour takes hold.
Talking about the report, Sanchayeeta Verma, CEO, Carat India, said, “I am happy to launch this study. Carat has always been a front-runner in bringing to life some core in-depth industry insights. This festive report further exemplifies our expertise in the domain. It has been created on the key pillars of our DFP framework and incorporates the learnings from our attention economy and Lumen studies. The intrinsic details captured in the report will allow brands to develop a renewed sense of purpose, better understand their TG, and tweak strategies to swiftly navigate through their journeys.”
The report unveils that Urban Indians will have a spending propensity index of 96.43. This is a marginal increase over last year’s index of 94.45. It’s further propelled by an increased amount of savings as expressed by the buyers, leaving more money to expend on festivals. 27% respondents claimed to have more savings this year, leading up to the festive season in comparison to the last year.
The report further reveals that 36% of survey respondents expressed their commitment to stocking up on traditional sweets and snacks, particularly those freshly made, during the festive season.
Furthermore, over 60% social media natives claim that they spend even more time on the apps as they approach festive seasons as people start building out their shopping e-carts in this state of browsing, sometimes on multiple platforms. Moreover, people in their browsing stages often spend between 1.5 to 2 months in the research phase.
Festive shopping is also approached often as a family as opposed to from the point of view of an individual. When it comes to taking decisions, 68% women take charge of these decisions, orchestrating the purchases prioritising self, family, and associates/staff, in that order.
Additionally, close to 46% buyers are discovering new brands through their mobile devices. However, approximately 80% of the buyers are even collecting information through their smartphone to make a sound purchase decision.
“Dentsu inherits a futuristic forward-looking approach, finely driven by thought leadership. We take utmost pride in launching this first-of-its-kind festive report, a certain go-to for every marketer. In India, advertisers spend a massive 30-35% of their annual budget during the 45-day festive period. Thus, being distinctive in their media strategy can be a complete festive game changer. The report offers some deeply rooted cultural insights from across geographies to enable brands to creatively customise their media approach and maximise their attentive reach,” Anita Kotwani, CEO Media, South Asia, dentsu, added.
Interestingly, TV and OTT/OLV boast attention levels, with 15- second ads garnering 4K attentive seconds per mille and 30-second ads accumulating 8K attentive seconds per mille. The potential for brand recall soars when content integrations and sponsorships are deftly employed, often resulting in lifts of 12-16%. Crucially, TV continues to shine as the preeminent source for brand discovery, with 34% of the audience identifying it as their primary means of discovering new brands during the festive season while 21% cite OTT/OLV as their source of brand discovery, underscoring their significance.
Meanwhile, cinema ads amass 34.5K attentive seconds per mille, with 60-second ads achieving a remarkable 46.9K attentive seconds per mille. This heightened attention makes cinema a pivotal touchpoint for brand discovery, as 21% of Indian audiences cite cinema ads as their source for discovering new brands.
Static OOH ads tend to capture 1.2-1.5 times more attention than their digital counterparts, and larger formats command even greater focus as 17% of Indian audiences identify billboards and public transport ads as their source for discovering new brands during the festive season. While, newspapers shine as a beacon of trust and credibility, capturing attention for an average of 50-60 minutes daily. They enjoy the trust of over 64% of respondents, surpassing the trust levels associated with other media types.
28% of survey respondents newspapers as a source of brand discovery. However, for 39% of respondents social platforms work as sources for brand discovery and research.
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