Will Diwali see cautious spending or revenge spending?
Diwali 2020 is here and so are many perspectives. The industry is buzzing with positive sentiment and brands are extending the sentiment by supporting smaller players. Everyone has been waiting for Diwali in 2020 as a ray of hope for recovery.
Digital data is a powerhouse of insights. ‘GIPSI’, the HI +AI insights division of Tonic Worldwide has published a brief Diwali report about the digital consumer profiles with insights and implications. This attempts to decode the pre-Diwali digital behaviour with its ‘Deep Listening’ methodology. The data sources are multiple for ‘Deep Listening’ Method – it goes beyond digital conversations and maps the data with interests and searches added with unique HI perspectives giving actionable insights.
According to the report:
The Revenge Diwali celebration consumer intends to spend, not save! For them splurge is the new retail therapy. This profile of TG is ready to pay the premium to celebrate Diwali in the old normal way and more. Their heavy wallets need a breather. Which is good news for marketers. This is reflected in staycation syndrome - 289% increase in conversations, and 179% increase in intent. International travel - 171% increase in conversation, and 650% increase in searches. What’s more - 433% increase in interest in "Premium" trends across categories. GIPSI is asking brands if they are premium worthy for the Revenge celebration?
The Cautious Diwali celebration consumers are the non-risk takers and want to play by the book. They find the mobile screen as the safest window for – buying, experiencing, celebrating and meeting! The interesting part about this is that ‘caution’ has led to the tech adoption as we can see Diwali shopping is on full swing with 600% interest growth in ‘live shopping’. 164% increase in conversations and 129% increase in search volumes w.r.t video shopping. GIPSI suggests brands to keep the ‘screen mask on’ to engage with the cautious ones. The 40% interest increase in ‘car purchase’ and 105% interest increase in ‘test drive’ booking shows that the cautious want to invest in safe private travel transport
The Diwali in disguise celebration profile wants to celebrate Diwali without peer pressure, social calendar and social expectations, leading to celebrating Diwali in the most authentic way. The behaviour can simply be understood with DIY meeting CIY (Celebrate It Yourself). There is an 800% increase in DIY Outfit, and 247% increase in DIY Home Décor, added with 90% increase in searches related to ‘Diwali at Home’. What’s more, this TG is even going hi-tech with Diwali cleaning with 300% search increase in "vacuum robots". GIPSI says brands which keep it authentic and appeal to CIY sentiment for this TG will win their hearts.
For the ones in denial of Pandemic, Diwali is a break from the Pandemic. The greed for Diwali celebrations has got the better of them –even the pandemic cannot come in the way of Diwali and them. They are in ‘Pandemic off. Party on’ mode. There is a 26 times increase in conversations related to ‘Festive Crowd’ during pre-Diwali compared to the beginning of this festive season. 68% increase in searches for ‘Diwali Party’, 55% increase in searches for 'local sale'. 50% increase in searches related to 'street shopping’. This has concerned GIPSI, while GIPSI is a great promoter of listening to consumers, for this profile she is urging brands not to listen to the consumers. Instead, take care of their safety while they are not taking care of themselves.
Commenting on the report, Unmisha Bhatt, Chief Strategy Officer and Director – India & MENA region, Tonic Worldwide, says, “There are a lot of expectations from Diwali 2020. The power of digital is also far more realized than previous years by brands across categories. Deep listening and data enables brands to navigate uncertainty by understanding underlying sentiments, currents, trends, insights. Once brands understand what their TG cares about, it enables them to build long lasting relationships. With this report, we are uncovering the types of consumers and their mindsets in the current times so that brands can capitalise on these insights.”
Anjali Malthankar, National Strategy Director, Tonic Worldwide, says “In a data overloaded world, what’s missing is the perspective and the HI touch to the AI data. Agile, HI +AI is a great combination for a tool which can report consumer insights in real time! Whether you are a marketer or a consumer, all will enjoy and relate to the profiles defined in this report- check out how you or your consumers relate to the profiles.”
Gipsi was launched in 2018 and is being headed and driven by Unmisha Bhatt, Chief Strategy Officer, Tonic Worldwide and Anjali Malthankar, National Strategy Director, Tonic Worldwide.