Home / Economy / Nearly half of Indian shoppers plan to increase festive spend this year: Ipsos survey

Nearly half of Indian shoppers plan to increase festive spend this year: Ipsos survey

Findings of the survey reflect enthusiasm among Indians who are gearing up for the festival season. (File Photo: Mint)Premium
Findings of the survey reflect enthusiasm among Indians who are gearing up for the festival season. (File Photo: Mint)

The last two years of the pandemic had greatly impacted the sentiment around the festival season, almost taking the sheen off, with the covid fear, restrictions and the overall gloomy mood. But now consumers are on the rebound, even with inflation and impact of war in Ukraine

NEW DELHI: Two in every three Indian shoppers plan to spend on items such as apparel, vehicles, home décor, property, home appliances, mobile phones, and laptops in the run-up to the festive season, according to the findings of the Ipsos IndiaBus Festival Outlook 2022.

In fact, almost one in two consumers polled (48%) by Ipsos said they plan to spend more this year compared to the previous year. Nearly 30% said they would spend the same as last year, while 23% plan to lower their spends this festival season.

Across cities, age groups and socio-economic groups, a similar pattern was seen. Ipsos India conducted the survey among 2,284 citizens across the metros, tier 1,2 & 3 towns. The survey covered consumers from 16 cities belonging to households in socio-economic classes (SEC) A, B & C.

“The last two years of the pandemic had greatly impacted the sentiment around the festival season, almost taking the sheen off, with the covid fear, restrictions and the overall gloomy mood. But now consumers are on the rebound, even with inflation and impact of war in Ukraine, we are likely to see revenge spending and citizens are actually looking forward to the festival season to loosen their purse strings," said Parijat Chakraborty, Group Service Line Leader, Public Affairs and Corporate Reputation, Ipsos India.

Interestingly, women reported greater eagerness to spend (73%) over men (67%). Similarly, those belonging to socio-economic class A were more enthused about shopping (76%) versus SEC C.

Meanwhile, shoppers in the country’s larger metros were seen more upbeat about spending (79%), followed by tier 1 towns (74%) than tier 2 (65%) and tier 3 cities (61%).

Findings of the survey reflect enthusiasm among Indians who are gearing up for the festival season, Chakraborty said.

“Also it is the time of the year for up-gradation, whether buying a new car or a new bigger TV, mobile phone etc. new clothes, sweets, home decor are a given. There is positivity and happiness in the air around the festival season, with spending predicted across socio economic groups, of course they will cut the coat, according to the cloth, and budgets and how much they spend would depend upon disposable incomes," he added.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout