Close to the heels of the upcoming festive season, InMobi, a provider of marketing and monetization technologies, has unveiled key insights from its annual festive trends report. The Marketer’s Guide to the Festive Season 2023 for India delves into the mushrooming trends in buying behavior during the festive period, highlighting their potential to mold digital marketing strategies for brands.
The report highlights that 84 percent have increased their online shopping budgets compared to last year. Among the women surveyed, 68 percent see themselves as the main decision-makers for festive shopping, prioritizing personal needs first, followed by family and business associates.
InMobi conducted an extensive survey with more than 1,000 Indian mobile users to gain insights into their festive spending intentions and preferences. The resulting insights are a valuable resource for brands looking to refine their festive marketing strategies. Shedding light on the burgeoning spending patterns and shifting preferences of Indian consumers, the report also unveils other significant findings:
Budgets look bright as 84 percent of Indian consumers reported an increase in online shopping budgets compared to the previous year.
Reduced price consciousness leads to an interest in exploring options as 63 percent said that they know what item to buy and are only left to finalize the brand of their choice.
The festivities are phygital as 54 percent of respondents prefer hybrid shopping, combining online and offline methods and 44 percent said they would shop online only.
Unplanned shoppers are inclined to shop closer to festivals. Fifty-eight percent planning to shop around Dusshera and Diwali, whereas about one in three shoppers are looking to start as early as September.
Mobile reigns over India as the most popular channel for Indian consumers as they Learn (46 percent), Explore (79 percent) and Buy (78 percent) making it an essential part of their purchase journey
“The essence of India’s festive season is rooted in traditions, cultures, and the emotions they evoke. The months leading up to the festivities, especially around Dussehra and Diwali, are significant for brands, as most shopping explorations and purchase decisions occur during this time,” said Vasuta Agarwal, chief business officer of the Consumer Advertising Platform at InMobi.
“With 78 percent of consumers planning to shop on their smartphones, mobile is the most crucial channel for brands this festive season, making it imperative for them to embrace a mobile-first approach in their marketing strategies. This approach will enable an authentic connection with the Indian festive shopper of 2023,” Agarwal added.
In India, festive celebrations span from September to the end of the year brimming with uninterrupted shopping activities. Most respondents have reported that they will start learning about brands and products and exploring different choices available for festive shopping in September. Notably, a substantial 66 percent of them plan to allocate a budget between ₹25,000 to ₹50,000 towards their festive purchases.
Nineteen percent of festive shoppers fall into the unplanned shoppers segment, making buying decisions between Dussehra and Diwali. Among the festive shoppers, 63 percent are category explorers, who have already initiated research to refine their brand and product preferences for purchase. The remaining 18 percent are classified as brand lovers, characterized by the highest budget for festive shopping.
“Over the past year, we have witnessed a wide array of brands harness and leverage the potential of the smart lock screen to drive relevant engagement with connected consumers. A classic example is that of Coca Cola where the brand leveraged Glance’s smart lock screen to enable their consumers to send hyper-local personalized festive invites to their friends and families, which could be customized and delivered in any language of their choosing. Similarly, Zomato and Kuku FM too leveraged the festive season to drive better engagement with their consumers via the smart lock screen to great success.” Agarwal further added. “As this festive season is fast approaching, Glance will indeed play a substantial role in helping brands fortify their digital footprint and spark connections with consumers across India.”