The finding was published in TRA’s Diwali 2020 Buying Propensity Report, a whitepaper based on consumer research conducted across 16 cities.
Diwali has traditionally been a period of consumption boom as consumers tend to increase spends, and brands scramble to grab their attention. This Diwali will be a deciding factor for many brands, as they prepare anxiously for the festive season.
Many questions are awaiting the consumer mandate – Will the cautious consumer go out and shop this Diwali? Have consumer sentiments dampened or bolstered? Will malls see footfalls? Are high-ticket items like cars and property going to see a fillip?
The COVID pandemic has taken the whole country by storm. The impact on us as individuals, as a society and as a workforce has been unprecedented to say the least. In a post-Covid world, people are living differently, working differently, thinking differently and even buying differently. Products and brands are being seen through a completely new lens.
Insights and brand analytics company TRA Research suggests that 65 per cent consumers reflect a positive buying sentiment for Diwali 2020. The finding was published in TRA’s Diwali 2020 Buying Propensity Report, a whitepaper based on consumer research conducted across 16 cities with 503 consumer-influencer respondents between June 9 and July 15, 2020.
According to the survey, 28 per cent feel buying sentiment will remain the same as compared to June 2020. Only 7 per cent consumers feel the buying sentiment will worsen in Diwali than in the current period.
The apparel category is a clear winner and outlier, flying out of the chart with approximately 3.11 times higher priority than the average of all other categories. Mobile phones undoubtedly have become the most important accessory. The third priority is to consumer electronics and consumers want to buy or upgrade their washing machines, ACs and refrigerators, the essentials which made life livable during this extended lockdown. Two-wheelers too find a very high priority which will be a preferred transportation in the future for its safety, increased mobility and costs.
In the survey, 95 per cent consumers rated quality as the most important influence when making purchases for Diwali 2020. This is followed by usefulness (89 per cent), price (88 per cent), buying convenience (87 per cent) and brand name (86 per cent). With changing consumer behaviour, advertising is also adjusted. Advertising at 71 per cent remains the lowest choice driver for Diwali shopping.
The complete report can be accessed here: