Urban India likely to spend US$ 22.12 billion (Rs. 1.85 trillion) during festive sales: Survey

According to a recent survey conducted by LocalCircles, 1 in 2 Indian households surveyed plans to spend over US$ 119.57 (Rs. 10,000) during this festive season, with nearly 70% preferring to shop at physical stores and markets rather than online. Based on responses from 49,000 households across 342 urban districts, the survey indicates that 44% of respondents are from Tier-I cities, 34% from Tier-II cities, and 22% from Tier-III, IV, and V districts. Spending insights show that 44% will spend US$ 1,195.66 (Rs. 100,000) or more, 18% will spend between US$ 239.13 (Rs. 20,000) and US$ 597.83 (Rs. 50,000), and 26% will allocate between US$ 119.57 (Rs. 10,000) and US$ 239.13 (Rs. 20,000). Overall, applying the average spending categories to the approximately 80 million urban households in India suggests that urban India could spend around US$ 22.12 billion (Rs. 1.85 lakh crore) during the festive season 2024.

Regarding shopping preferences, 70% of urban households will likely utilize shops and markets as their primary shopping channel. In comparison, 13% are expected to shop via e-commerce platforms. Key considerations for consumers while shopping include budget/value (46%), quality of products (43%), selection or range (8%), and convenience (3%). Categories where spending is anticipated, include Pooja/Diwali supplies (70%), festival groceries (64%), beauty and fashion (38%), home décor (40%), smartphones and consumer electronics (22%), white goods and appliances (18%), jewellery (4%), and automobiles (4%). This overview reflects the shopping tendencies and expected expenditure patterns of urban Indian households during the upcoming festive season.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.