The report also reveals that clothing is one of the top categories for Indians to shop , followed by home improvement items and mobile phone.
ShareChat and Moj, two of India's leading social media and short video platforms, released a report today titled India's #FestiveFeeling Report 2023. The report is based on primary data collected through a survey of 2355 respondents aged 20-50 from across India. The survey explored respondents' outlook on the upcoming festive season and their plans for spending in key categories such as mobile phones, automobiles, and beauty products.
The report predicts that Indians will significantly increase their spending this year during festivities. 47% of Indians are expected to spend more than ₹ 10,000 on festive purchases, which is about 2.5 times more than last year. Of the people spending a minimum of ₹ 10,000, 48% will spend ₹ 20,000 or more. This year, home improvement has made a strong entry into the top three product categories that Indians are likely to spend on, alongside clothing and mobile phones. 66% of Indians will use their savings to make these purchases. Discounts will drive a large percentage of consumers to choose brands and products, with 59% of people prioritising the offers, especially for consumers in the age group of 26 to 35.
For the upcoming festive season, going a level up in their lifestyle will be among the top priority for Indians. Of the Indians looking to buy home appliances, 19% would want to buy a new television and 18%, a new washing machine to spruce up their homes. Amongst consumers planning to invest in a new mobile phone, 44% are seeking an upgrade for a better camera, while 34% aim to stay up-to-date with technological advancements by choosing a 5G-enabled device.
Within beauty products, perfumes and makeup will take the top spot in the shopping carts of Indians. Surprisingly, 14% more males than females plan to buy perfumes this festive season. Social media remains the number one tool Indians use to research beauty products, with 34% relying on it to find the products they love or would want to consider.
The festive season is a time for many Indians’ automobile dreams to come to reality. Among Indian vehicle buyers, when it comes to four-wheelers, 41% intend to upgrade to larger vehicles this festive season. Interestingly, a significant portion of these buyers are embracing sustainability, with nearly a quarter planning to make the switch to electric vehicles.
There is also a marked shift in Indians considering brands as a crucial factor while making festive purchases, with 28% saying that they will buy from a brand they love and prefer, with 19% showing keen interest in buying directly from brand websites owing to more product choices, competitive pricing and trust.
Commenting on the launch of this year’s report, Udit Sharma, chief revenue officer, ShareChat & Moj, said, “At ShareChat and Moj, we know India's content preferences and how they love to express and celebrate, especially during festivities. Social media and short form videos have been a game-changer in driving user preferences and purchase decisions. For the second year in a row, our report India’s #FestiveFeeling 2023, unravels India’s shopping sentiment ahead of the festive season, giving marketers crucial insights which can help them build an effective strategy to reach India’s diverse population. With India looking to spend more and upgrade their lifestyle this season, brands can harp on platforms such as ours, with deep understanding of culture and language, a strong mobile-first approach and the best of creativity, to gain significant leverage.”
Social media and short-form video platforms offer brands an innovative means to tap into a much larger target audience, especially during the festive season when user engagement is at an all-time high. With over 325 Mn monthly active users, ShareChat and Moj have become ideal destinations for brands to form a deeper connection with India’s diverse and culturally rich population. Users actively look for products in-app in categories such as beauty, electronics, food, and automobiles. By leveraging popular creators, branded hashtag challenges, brand takeovers, studio ads, etc., brands can make a compelling case to their audiences via a platform that they are spending the most time on.