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Urban India To Spend ₹1.85 Lakh Crore During 2024 Festive Season: Survey

Urban India To Spend ₹1.85 Lakh Crore During 2024 Festive Season: Survey

Urban India is likely to spend ₹1.85 lakh crore or $22 billion during this year&rsquo;s festive season, with 1 in 2 urban Indian households planning to spend over ₹10,000. According to a LocalCircles survey, 13% urban households shopping during festive season are likely to use eCommerce as their primary buying channel while 70% are inclined to use local markets and retail stores. &nbsp; Next, the survey asked urban Indian consumers as to what factor was most important to them when shopping/spending during this festive season. Out of 12,249 responses to the question, 46 per cent stated &ldquo;budget/ value&rdquo;; 43 per cent stated &ldquo;quality of products&rdquo;; 8 per cent stated &ldquo;selection or range&rdquo;; and 3 per cent stated &ldquo;convenience&rdquo;. The survey received over 49,000 responses from consumers located in 342 urban districts of India. While 61 per cent respondents were men, 39 per cent were women.

This positive trend is attributed to factors such as reduced inflation, higher wages, and strong consumer confidence

India's festive sales soar: Online shopping boosts economy

India, festive season, online sales, consumer spending, economy, growth, digital transactions, Unified Payments Interface, government initiatives, inflation, wages, consumer confidence, manufacturing activity, economic indicators, goods and services tax, peak electricity demand, wedding season, digital payments, e-commerce, retail, Indian economy

<h2>This positive trend is attributed to factors such as reduced inflation, higher wages, and strong consumer confidence</h2>

Festive season is witnessing a remarkable surge in consumer spending, driving the country's economy and bolstering growth. Online sales at major platforms like Amazon and Flipkart have soared by nearly 20% in the first week of festive sales compared to the previous year. This uptick is mirrored in digital transactions, with Unified Payments Interface recording a 40% increase in October transactions.
Experts attribute this surge to a combination of factors, including easing inflation, rising wages, and high consumer confidence. The government's initiatives, such as higher guaranteed prices for crops and reduced cooking gas costs for farmers, have also contributed to the positive sentiment.
Consumer spending, which constitutes 60% of India's GDP, has provided a significant boost to manufacturing activity, propelling the economy to grow at a rate exceeding 6%. The International Monetary Fund predicts India's economy will continue to flourish, with growth rates of 6.3% in 2023 and 2024, outpacing other major economies.
The festive season's momentum is expected to continue, supported by major events like the ongoing Cricket World Cup and the upcoming wedding season. The cricket tournament alone is anticipated to inject $2.6 billion into the economy, as fans spend on travel and dining. Additionally, the Confederation of All India Traders predicts a staggering $50 billion spending during the wedding season, further stimulating economic growth.
Online sales have played a pivotal role in this surge, with mobile phones, electronic goods, and large appliances driving around 67% of the sales. Real-time digital payments through UPI reached 16.46 trillion rupees in October, showcasing the widespread adoption of digital transactions among Indians.
Other economic indicators, such as goods and services tax collection and peak electricity demand, also reflect this robust consumption trend. Manufacturers are operating at full capacity to meet the strong demand, indicating a healthy and vibrant economy. Also Watch: <a href="https://www.editorji.com/business-news/personal-finance/festive-season-2023-gold-demand-may-dampen-as-prices-rally-says-world-gold-council-1698747715442">Festive Season 2023: Gold demand may dampen as prices rally, says World Gold Council</a>

As per a nationwide survey carried out by the renowned dating app Bumble, the trend of festival dating is swiftly gaining traction in India.

Modern dating: Survey finds 63% of Indians open to 'festival dating' trend

As per a nationwide survey carried out by the renowned dating app Bumble, the trend of festival dating is swiftly gaining traction in India.

A new romantic trend has taken center stage, capturing the hearts of Gen Z and millennials,&nbsp;festival dating.
A nationwide survey conducted by the popular dating app Bumble has revealed the escalating popularity of festival dating in India. A remarkable 63 per cent of surveyed Indians have expressed their interest in the concept of &lsquo;festival dating&rsquo;, indicating a desire to find a romantic connection during this festive season.
<h3>So, what is festival dating?</h3>
As the term suggests, festival dating revolves around seeking a romantic connection amidst the celebratory spirit of the festive season. It's a time when many individuals yearn to share the joyous moments with a special someone by their side. However, the nature and pace of these romantic connections can greatly vary from person to person.
This trend has emerged from the sight of other couples reveling in the festivities and sharing their moments on social platforms, which can sometimes evoke a sense of loneliness or self-consciousness in singles. Festivals also bring forth certain societal and familial expectations, which can impact a person&rsquo;s dating life.
The survey unveiled that 30 per cent of Indians admitted to experiencing moments of self-consciousness about their single status during this season, while 32 per cent confessed to feeling a sense of lonesomeness without a date or partner to share the festivals with.
Interestingly, this sentiment resonates more with millennials, with 32 percent acknowledging these feelings, compared to Gen Zers at 28 per cent.&nbsp;
Also watch:<a href="https://www.editorji.com/lifestyle-news/is-your-ex-trying-to-paperclip-you-know-what-this-term-means-1692793934584"> Is your ex trying to &lsquo;paperclip&rsquo; you? Know what this term means</a>

Get festive ready with Roshni Chopra's butterfly dupatta draping trick. Here's how to do it. 

Try Roshni Chopra's butterfly dupatta drape for a stylish festive look

Get festive ready with Roshni Chopra's butterfly dupatta draping trick. Here's how to do it.&nbsp;

As the festive season approaches, it's the ideal moment to flaunt your finest ethnic wear. While lehengas and kurtas take center stage, let's not underestimate the ever-adaptable dupatta - a crucial accessory that can enhance your festive attire. If you're tired of draping it the same old way, don't fret; we've got you covered.
Actor-influencer Roshni Chopra, known for her beauty and styling tips on social media, recently shared a unique butterfly draping technique to up your dupatta game. Take a look.&nbsp;
While the enduring styles of draping the dupatta around the neck or using it as a head cover remain timeless, here are five innovative and sophisticated methods to style this versatile accessory.&nbsp;
Embrace the waist belt: Achieve a sari-inspired look minus the pleats. Let the dupatta flow elegantly over your shoulder, securing it with a belt around your waist for a graceful one-sided drape. Opt for the cape style: Shift the dupatta to the back, departing from the traditional front placement. Fasten it over each shoulder with pins and allow it to flow freely like a chic cape. This style radiates a relaxed, effortless charm. Showcase the jacket style: Adorn yourself with the dupatta elegantly draped over both shoulders, creating the appearance of a stylish jacket. This highlights the embroidery and complements the outfit's hues splendidly. Emulate the Bollywood allure: Arrange your dupatta in pleats and fasten it to your right shoulder. Let the fabric cascade gracefully in front, extending just below your knees. Then, bring the opposite end around to the front, wrapping it around your wrist. Instantly exude the glamour of a Bollywood diva. Embrace the corset trail: This contemporary twist on traditional draping involves integrating the dupatta with your blouse or attaching it to the shoulders for a chic corset trail. While ready-to-wear blouses in this style are available, you can effortlessly recreate the look with your own blouse.
These inventive dupatta styling techniques offer a new and captivating dimension to your festive ensemble. Step up your fashion game this festive season and create a remarkable style statement!
Also watch: <a href="https://www.editorji.com/lifestyle-news/fashion-and-beauty/roshni-chopra-shares-the-thumb-rule-of-applying-sunscreen-to-protect-your-skin-1696568986827">Roshni Chopra shares the thumb rule of applying sunscreen to protect your skin</a>

E-commerce firms feel the festive cheer as the early trends have predicted strong sales number this year aided by Fashion, Health, Electronics and Appliances

Festive Season Sale 2023: Early trends estimate strong numbers for e-commerce companies

<h2>E-commerce firms feel the festive cheer as the early trends have predicted strong sales number this year aided by Fashion, Health, Electronics and Appliances</h2>

Festive Season Sale 2023:&nbsp;The Festive cheer in India has brought strong sales number for e-commerce companies. With festive season sale, the firms were looking at an upward tick as consumer sentiment remains upbeat and with smaller sellers as well spending more on marketing
<h3>E-commerce Firms' GMV</h3>
Redseer had estimated that the gross merchandise value (GMV) of e-commerce companies will grow by 20% on a year-on-year (YoY) basis to touch Rs 90,000 crore this festive season even before the flagship sales event went live.
Also Read: <a href="https://www.editorji.com/business-news/personal-finance/amazon-great-indian-festival-sale-2023-from-oct-8-early-access-for-prime-members-check-deals-on-offer-1696317864315">Amazon Great Indian Festival Sale 2023 from Oct 8: Early access for Prime members; check deals on offer</a>
<h3>Electronics - Season Winner</h3>
The demand for Electronics and Appliances was the biggest this year. As per Unicommerce, a business-to-business (B2B) company, sales data from just October 7 and 8 showed that order volumes on e-commerce companies have already grown by over 15% on a YoY basis and have more legs. Unicommerce sells software to retailers such as Myntra and several others.
&ldquo;Given that this year&rsquo;s festive season sale started during the shraad cycle, which was not the case in 2022, we can expect a further spike in numbers during the second leg of the season&rsquo;s sale," Unicommerce told Moneycontrol.
One another major reason for the steep sale of electronics is their availability at discounted rates. However, Moneycontrol quoted a Consumer behaviour expert and said that the interest on these two categories has brought down the demand for products in other categories.
&ldquo;While it's too soon to draw any definitive conclusions, early data suggests that consumers are ready to splurge on big-ticket items&hellip;Since customers are focused on high-priced items with better pricing&hellip;spending on other categories was discouraged,&rdquo; Satish Meena, advisor to Datum Intelligence, a market research firm focused on consumer technology told Moneycontrol.
He further added that this festive season electronics, smartphones, TVs and appliances all saw sales growing anywhere between 4X and 7X on a YoY basis but other categories did not grow as much. He also said that the while Clothing, Grocery and Health &amp; Beauty all saw a modest growth during the initial days of the festive season this growth was lower than expected.
&ldquo;Clothing, Grocery and Health &amp; Beauty all grew saw a modest jump of 1.5-2.5X only...While there was modest growth during the initial days of the festive season, this growth was lower than expected,&rdquo; Meena told Moneycontrol.
<h3>Health and Beauty Outperform</h3>
Some industry players believe that health and beauty outperform the other categories by growing on a YoY basis.&nbsp;
&ldquo;On an opening day, categories like Beauty &amp; Personal Care (BPC) and Jewelry recorded over 100 percent growth in demand when compared to the same period last year,&rdquo; Neha Wali, Head of Revenue and Growth, Myntra told Moneycontrol.
Wali also added that unlike last year, the firm has gained consumers from different parts of the country this year and that about 45% of Myntra&rsquo;s total orders came from non-metro cities this festive season so far.
Firms are also tapping new customers by expanding to more contemporary geographies beyond the top metro cities. This even while, those from Tier 2 and beyond regions typically spend less than their peers in the top metro cities.

Indian consumers show confidence as they gear up for a festive season spending spree. Deloitte survey reveals increased luxury spending and optimism across sectors, despite concerns about rural markets and reduced savings due to inflation

Luxury spending to shoot up this festive season

Indian consumers gear up for a festive season spending spree. Deloitte survey reveals increased luxury spending and optimism across sectors, despite concerns about rural markets and reduced savings due to inflation

As the festive season approaches, Indian consumers are gearing up for a lavish spending spree, signaling a newfound confidence in the economy. According to Deloitte's Wave 46 global consumer signal survey, 56% of Indian consumers are eager to splurge on celebratory items, while a remarkable 75% reported improved financial situations over the past year.
Rajeev Singh, partner and consumer industry leader at Deloitte Asia Pacific, noted, "India's booming economy is encouraging consumers to embrace premium and luxury spending. This shift extends across consumer durables, hospitality, and travel, with Tier 2 and 3 markets showing significant growth." This surge in discretionary spending is expected to benefit sectors such as retail, automotive, travel, and hospitality. However, concerns still loom over short-term demand in rural markets.
Deloitte's survey coincides with a dip in household savings to multi-year lows due to increased spending and high inflation. Nonetheless, festive season spending is projected to extend until mid-November.
Deloitte's research report for August reveals increasing consumer confidence, with 56% of participants indicating a readiness to spend on celebratory items. Furthermore, 49% feel they can effectively handle significant unexpected expenses in the mid-term, and 77% have no concerns about upcoming payments, indicating a robust festive season ahead.
Looking ahead, 60% of respondents anticipate improved finances in the next year, while 59% expect their best years in the next five years. Short-term consumer spending is poised to rise, particularly in clothing (12%), personal care, and recreation, entertainment, and leisure (14%), foreshadowing increased expenditure as the festive season approaches.
In different sectors, optimism prevails. Automotive companies are optimistic, building inventories in anticipation of the festivities. Demand for new cars remains strong, and luxury brands are gearing up for growth.
Indian consumers are also showing enthusiasm for travel, with domestic flight bookings up by 74% in August, and international flight bookings at 58% compared to July. Demand for luxury hotels rose by 5% in August over July.
Furthermore, 63% of consumers plan to purchase a new vehicle within six months, up 4% from July. Despite rising food and consumer durables prices, 55% are willing to invest in popular consumer durable brands, and 57% are ready to splurge on premium food and groceries.&nbsp;

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