New Delhi: With Durga Puja and Diwali coming up next month, a survey has estimated that consumers are gearing up to spend more than $32 billion (Rs 2,593 crore) during this festive season with 65 per cent of nearly 11,000 households saying they are planning to spend beyond their regular budget .
According to a nation-wide survey conducted by LocalCircles, 3 per cent of these families plan to spend Rs 1 lakh or more, 15 per cent between Rs 20,000 – 50,000 while 6 per cent between Rs 10,000-20,000.
The survey also showed one in three households or 33 per cent are planning to spend over Rs 10,000. Those making major purchases are likely to belong to the upper-middle class or upper classes, along with middle-class families, with many expected to indulge in expensive purchases including homes, automobiles and jewellery.
What will people spend on & how
The survey found that 6% of families polled are likely to buy a gadget and the same per cent will also spend on white goods or appliances. A tiny fraction of 4% will spend on jewellery and automobiles respectively. The majority of 35% respondents are looking to buy pooja/Diwali supplies. Another major group of 26% are planning to spend on festival groceries like gift packs, gourmet foods, dry fruits, chocolates and sweets. Some 12% are budgeting to buy beauty and fashion products. Another 12% will be going for home renovation products.
The poll also revealed that 24% of nearly 12,000 families plan on travelling during the festive season, while 20% are sticking to traditional choices of investing in home repairs and 8% are planning to get their homes painted.
Consumers also spelt out their preferences in terms of the mediums they will use to make their purchases with 38 per cent of 10,689 families looking to shop online. A total of 49% are likely to go shopping at physical stores, which are most preferred in Tier 3,4 districts and rural areas. The survey also predicted a 20% increase in shoppers visiting stores/markets as compared to last year.
If the findings of the survey are applied to the 20 crore households in India and the average amount they are likely to spend, LocalCircles found that the total festive spending this year will be $32 billion (Rs 2,593 crore) or higher.
For this survey, LocalCircles received over 58,000 responses from household consumers located in 362 districts of India, with 64 per cent male respondents and 36 per cent female respondents were women. Most of the responses – 44 per cent – were from Tier 1 districts, 33% from Tier 2 and 23% respondents were from Tier 3, 4 and rural districts.
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Source: The Print
