The factors behind the buoyant consumer sentiments this festive season

Authored by Sooraj Balakrishnan, Head of Marketing, Acer India.

The last three years have changed many things. People lost out on the enjoyment of celebrating festivals together with their families and loved ones due to the restrictions. But now with life returning to normal, things are going to be different this year in more than one way. The festive season is the most competitive and profitable time of the year for all brands. Festivals are a grand affair in India and spending during the festival is huge among Indians. The buyer sentiment is also very upbeat this year and people are ready for the festive shopping sphere.

The brands also are aggressively competing to market the best products to the consumers as during the year-end season people are ready to plunge into the much-awaited holiday shopping. The very fact that the country is celebrating its festive season without Covid restrictions after three years has added a huge boost to the spirit of people as well as the brands. And for the brands to rope in maximum festive season sales, they must be aware and prepared for the shift in consumer behaviours. To be ready to cater better to consumer needs and address any potential gaps in the market during the festive season, it's important to understand how consumer behaviours change during the festivals.

The need to splurge

People often are in a habit of buying things they don’t need. Psychologists believe the tendency for impulse buying is related to the desire for a sense of empowerment and boosting self-esteem. Studies show that we feel a way of achievement when finding an amazing deal. And holidays are the time when people get into a cheerful mood and they're more likely to spend more on things that give them joy like buying new stuff. During the festive mood, people tend to form more purchases and spend more money to feel good because of the different offers and discounts different brands give.

Consumers are trying to find the best offers

For most holiday shoppers, an honest offer is way more important than the brand. The festive season is the time when buyers eagerly wait for impressive discounts. And it’s not nearly the discounts in the prices, people also search for other attractive offers like complimentary gifts, free shipping, gift packs, etc. Thus, people flick through several deals and pick the one that seems most valuable.

Fear of Missing out during Festive season

During the festive season, mega offers and sales bombard the web feeds and other advertising channels. And since humans tend to require advantage of the situation, these sales and discounts motivate people to shop for more. This develops a fear of missing out as nobody wants to miss the opportunity of buying their favorite items at unbelievable prices.

Necessity to gift

Every festival is an event to celebrate with your loved ones. During the festive season, particularly from October to December, it’s all about buying gifts. People purchase gift items for their family and friends, which in return gives them a way of fulfillment. This results in more selling of gift items during this period of the year. The main target of brands and businesses is to bring out their A-game and provide the best marketing ideas and offers to consumers.

Preference for brands with good customer support

Customers will give preference to a brand that provides good customer support. If they had a good experience in the past, customers would come back to buy more products from the brands. So, providing good customer support should be a priority for brands. Especially during festivals, people want to shop from places they know and trust. And brands with good customer support will have an upper hand with loyalty from people. 

Not just the changing behaviour of consumers, it is important to know how brands are preparing to make the most out of the festive season. Brands especially have great discounts and offer to go on all the different e-commerce platforms. Thus, increasing online sales. According to industry experts, they believe that this festive season there will be at least 20% growth in online sales. The increase in online sales can also help drive sales in retail stores and vice versa. One more thing that’s going to rule this festive season is the emergence of electronics as an ideal gifting option which will see an upward surge in this category.