Despite concerns around inflation, multiple customer surveys indicate high intent to shop during this festive season, especially during big sales events on e-commerce platforms like Amazon, Flipkart, Meesho, Snapdeal and others.
According to RedSeer’s September 2022 survey, 83 per cent of the respondents (311 people) surveyed indicated a willingness to shop this festive season. A survey by homegrown social media platform ShareChat on Bharat audiences supported RedSeer’s findings.
Bharat audience is defined as social media users who prefer Indic languages.
Splurging more
ShareChat found that every 1 in 2 Bharat user is willing to spend more this year than they spent in the 2021 festive season.Further, 1 in 3 in Bharat users are expected to spend over ₹20,000 each, and about 8 per cent will spend over ₹1,00,000, thus boosting the overall ticket size of festive purchases.
The ShareChat report is based on data collected through 2,843 online surveys among users aged between18 and 40 years across 15 states.
Similarly, ZestMoney’s survey of 7,300 participants, with Gen Z and millennials being the majority, showed that about 67 per cent of respondents plan to spend either more or the same amount as last year.
Commenting on the survey findings, Lizzie Chapman, CEO & and Co-founder of the EMI/checkout finance startup said, “We have already witnessed a 5x increase in new customer applications in the last few months. We expect solid demand at offline stores as merchants are offering some great deals.”
Bullish on fashion, electronics
Consumer sentiment was found to be particularly bullish on fashion accessories/apparel and electronics. “Online fashion has grown 4x in the last four years compared with 3x growth for overall e-retail. Fuelling this growth is the increasing shopper base from tier 2+ cities resulting in 2.5x growth in fashion shoppers in the last four years,” said Sanjay Kothari, Associate Partner, RedSeer Strategy Consultants.
Who is buying what
Apparel (24 per cent), mobile phones and accessories (17 per cent), and jewellery (11 per cent) were the top three categories on the shopping list of ShareChat’s users, while Zestmoney expects over 55 per cent purchases to happen in the electronics and smartphones segment category.