Economy

Consumer shopping sentiment at its highest: Survey

Our Bureau Mumbai | Updated on October 26, 2021

A crowded Sadar Bazaar as people shop ahead of the Diwali festival, in New Delhi, Sunday, October 24, 2021   -  PTI

About 43 per cent of respondents are willing to spend in the range of ₹15,000 1,00,000 and

Diwali cheer for Indian retailers as a recent survey by ‘Indian Festive Shopping Index’ by the Retailers Association of India (RAI) and LitmusWorld states that the consumer shopping sentiment is at its highest. The survey report states that over 94 per cent of the respondents are excited to shop during the ongoing festive season as compared to 80 per cent last year.

Interestingly, the omnichannel approach by Indian retailers has started to pay off. The survey reflects that ‘online’ is the primary mode of discovery for Indian shoppers. Over 73 per cent of consumers express intent to shop online, while 66 per cent are also considering shopping at malls as well as at 46 per cent wouldn’t even mind shopping from standalone shops.

Khushaal Talreja, Head of Marketing – LitmusWorld said, “There has been 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.”

Also read: Airfares soar ahead of Diwali; prices skyrocket 100 per cent

Topping the festive shopping list this year are apparels at 63 per cent, followed by home appliances and electronics at 50 per cent & mobile phones at 36 per cent. Jewellery is back among the top things to buy this festive season for 27 per cent of respondents this year, as against a mere 9 per cent last year.

Commenting on the festive shopping sentiments, Kumar Rajagopalan, CEO, Retailers Association of India RAI, said, “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. This augers 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.”

About 43 per cent of respondents are willing to spend in the range of ₹15,000 1,00,000 and 9 per cent from the last year’s 5 per cent are looking at spending above ₹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 at 59 per cent being the mode of choice, followed by debit cards at 51 per cent and UPI at 40 per cent. As many as 21 per cent respondents indicated that they would opt for EMI or pay later schemes when shopping, indicating the emergence of a new trend.

Also read:Should you go for festive offers on your credit card?

Online and social media continue to influence consumers, while purchase decisions are largely based on product features, followed by experience and discounts.

Published on October 26, 2021

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