The festive season in India brought about significant changes in consumer behavior, as revealed by the Diwali Trends Report by Razorpay. This report focused on purchasing trends and patterns leading up to Diwali in 2022 and 2023, shedding light on various aspects of spending and shopping habits.
One of the key observations was the surge in dining out experiences, with a 40% increase in restaurant transactions during the festive season. This trend reflects a shift towards indulging in culinary adventures and creating new traditions around dining out during Diwali.
Additionally, Indians have shown a heightened interest in self-care and physical health, leading to a 137% increase in dietitian consultations and a 42% boost in fitness equipment sales. This indicates a significant focus on adopting a healthier lifestyle during the festive period.
The report also highlighted the evolving preferences in shopping habits, with an increasing reliance on online ads and brand websites/apps for initiating gift searches. Furthermore, 99% of respondents acknowledged the utility of AI in shopping experiences, emphasizing the importance of leveraging AI technologies for a more personalized shopping journey.
There has also been a surge in sales for fashion, lifestyle, and jewellery brands, indicating a continued celebration of India’s rich culture and traditions during the festive season.
Furthermore, there has been a notable shift towards investing in experiences, with a twofold increase in expenditures on flight tickets and a 35% increase in spending on holiday accommodations. This reflects a desire for immersive and valuable experiences, beyond traditional shopping extravaganzas.
In addition to the Razorpay report, insights released by Criteo, the commerce media company, revealed interesting trends in online retail sales and consumer behavior during Diwali 2023. The pivotal deal days leading up to the festival saw a significant increase in sales and website traffic, indicating a strong consumer interest in shopping during this period.
Overall, the Diwali Trends Report by Razorpay and the insights from Criteo provide valuable information about the changing consumer behavior, shopping patterns, and preferences during the festive season in India. These findings offer important insights for businesses looking to understand and cater to the evolving needs and desires of Indian consumers during Diwali.
