Indians will be spending a lot more in the festive season of 2023 than they did last year. According to a report released by Indian short video platforms Moj and ShareChat, 47 per cent of Indians will be spending more than Rs 10,000 on their festive expenditure this year, the number is about 2.5 times more than last year.
Additionally, almost half or 48 per cent of those spending a minimum of Rs 10,000 will spend Rs 20,000 or more, the platforms said in their ‘India’s #FestiveFeeling Report 2023.’
The top three product categories that Indians are likely to spend money on include home remodeling, while apparel and mobile phones continue to be the most popular buying categories, according to the research.
Approximately 66 per cent of Indians will use their funds to pay for these purchases, and 59 per cent of customers, notably those in the 26 to 35 age range, will give priority to deals when choosing brands and products, according to a report by ET.
The company said that the report's conclusions were based on first-hand information gathered from 2,355 respondents in India who were between the ages of 20 and 50 during an in-app poll.
According to the research, 19 per cent of Indians wanting to purchase home equipment would like to purchase a new television set and 18 per cent would like to purchase a new washing machine. Consumers who intend to purchase a new mobile phone are seeking an upgrade for a better camera in 44 per cent of cases, while 34 per cent want to stay current with technology by selecting a 5G-capable gadget.