The consumers in India are potentially seeking to spend close to 25 per cent of their monthly salary on an average during the festive sales, a new report showed on Friday.
Smartphones (37 per cent), consumer electronics (30 per cent) and home appliances (30 per cent) are on top of the shopping lists of consumers this festive season, according to consumer insights by CyberMedia Research (CMR).
The primary purchase motivators include attractive offers (48 per cent), new models launched (41 per cent), and no-cost EMI or pay later offers (33 per cent).
"Our consumer survey projects a positive uptick in consumer outlook this festive season. The two dominant consumer cohorts driving these festive sales include the aspirational, value-conscious consumers fuelling online sales on large e-commerce platforms, and the upwardly-mobile consumers engaging in revenge buying for premium offerings on niche ecommerce platforms." said Prabhu Ram, Head-Industry Intelligence Group (IIG), CyberMedia Research (CMR).
Close to 75 per cent of respondents indicated their support for local retailers, with festive purchases for Diwali from them.
The major consumer considerations for online and offline purchases include brand trust (74 per cent), brand familiarity (67 per cent), product quality (63 per cent), and value for money (37 per cent).
For more than 65 per cent of those surveyed, online shopping is the preferred shopping mode, while 35 per cent prefer a mix of online and offline retail for making informed choices.
While the festive sales is fueled by the aspirational consumers in tier 2 and 3 cities, upwardly mobile consumers are indulging in revenge buying after months of being at home.
"The heightened positive consumer sentiment augurs well for retailers, offering them a potential path to recovery from the Covid-induced losses," said Sugandha Shrivastava, Research Manager, Industry Consulting Group (ICG), CMR.