New data reveals a significant increase in Diwali spending intentions among Indians, with approximately 70% planning to spend more compared to last year, according to The Trade Desk's Festive Pulse Survey. This surge in consumer spending enthusiasm is primarily driven by improved financial situations (53%) and a greater desire to celebrate (49%).
This growing optimism is expected to fuel larger festive sales, providing brands with an opportunity to craft tailored advertising campaigns as the year's biggest shopping season approaches.
The survey indicates that this optimism is driving increased spending across various categories, including luxury goods and apparel (84%), gold (80%), new clothes (68%), gold and jewelry (65%), Diwali food items and family gifts (64%), and gifts for friends and colleagues (64%).
Tejinder Gill, General Manager, India, The Trade Desk, commented on the upcoming Diwali season, highlighting the potential for significant consumer spending and the importance of building trust through relevant advertising campaigns.
The research also emphasizes the value of brand loyalty, with a substantial increase in loyalty within product categories such as health and personal care, consumer electronics, and makeup and fragrances compared to last year.
Additionally, the survey reveals that over-the-top (OTT) streaming platforms are effective advertising channels, with a majority of respondents willing to research products online if they find the ads appealing.
The survey was conducted online in June 2023, featuring a nationally representative sample of 1,000 Indian adults, and data was weighted by age and gender to reflect the latest Indian population estimates.
About The Trade Desk: The Trade Desk is a technology company that empowers advertising buyers to create, manage, and optimize digital advertising campaigns across various formats and devices through its cloud-based platform. Headquartered in Ventura, CA, The Trade Desk has a global presence and offers custom development options through enterprise APIs.