Indian consumers will mostly use up their money on Diwali supplies, groceries and home renovation items.
Spending money in the festival season in 2022 could hit $32 billion as Indian households assemble for a restriction-free Diwali, according to a citizen and community engagement platform.
Consumer spending capacity will surpass, as seen in 2021, the number will be lower than in 2019 when it stood at $37 billion.
India’s festival season begins in August and goes on through December with demand peaking through Diwali.
Indian consumers vastly spend money on Diwali supplies, groceries and home renovation items. One in three Indian households plans to spend an estimated ₹10,000 this festive season, with footfalls in stores and markets set to jump by 20%.
Conclusions of many surveys reveal that 35% of households program to spend on Diwali supplies and 26% are scheduled to spend on festive groceries and 13% plan to buy home renovation products. 6% of households plan to purchase white goods and appliances, while 6% intend
to spend on smartphones and consumer electronics. Some 4% are inclined to acquire jewellery. Spending on services could also see an increase with home repair and travel projected to be the top categories of spending.
“Attention must also be paid to the 35% of respondents in this question who responded indicating that they do not plan to spend anything this festive season. It is likely that many of the respondents in this category are experiencing a squeeze with high inflation, loss of livelihood or employment and are just getting by month to month,” according to the findings of the survey.
