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Average Family to Spend Around Rs. 10,000 on this Diwali: ASSOCHAM
About 68 per cent families to spend in the range of Rs. 5,000 to Rs.10,000 on the occasion of Diwali which is slightly lower than the last year, a quick survey by ASSOCHAM-Social Development Foundation (ASDF).
The Associated Chamber of Commerce and Industry of India survey said, the overall festival sentiment has decreased for over 57% of the respondents from previous year 48%. The factors attributed for less spending is that large number of corporate couldn’t pay bonus this Diwali.
As per the ASSOCHAM latest survey reveals that overall consumer confidence has decreased from last year. This is reflected in the decrease in spending across all age brackets and income levels. Majority of the families would be spending between Rs 5,000 to Rs 10,000 during this year Diwali.
Over 61% of the consumers preferred to buy this Diwali from their existing savings or bonus money. The ease of borrowing money through EMI schemes provided by various banks and credit card providers is also gaining popularity as this mode of funding is second at 33%.
‘The economic slowdown seems to have hit where it hurts. This negative shift in the consumer sentiment has clearly made its way into their spending habits, said Mr. D S Rawat, Secretary General ASSOCHAM.
The survey covered consumers in age groups 24-34 and 35-45 in Delhi-NCR, Mumbai, Kolkata, Bangalore, Chennai, Ahmedabad, Ludhiana, Lucknow and Indore, and their shopping trends in groceries, staples and packaged foods, apparel & lifestyle, mobile & digital products, home appliances and automobiles.
It highlights the spending pattern of 4,500 respondents from diverse sectors like automobile, biotechnology, BFSI (banking, financial services and insurance), energy, fast moving consumer goods (FMCG), information technology (IT), pharmaceutical, real estate etc.
The festive season extends from October to December, comprising Navratri, Durga Puja and Diwali celebrations and culminating in Christmas and the New Year.
Young consumers are more likely to buy these categories, with 59 per cent of respondents between 25 – 34 years expected to buy mobile phones compared to 48 per cent in age group 35 to 45 years, reveals the survey.
Consumer spending patterns are indeed changing and Indians are no longer waiting through the year to shop during a festival even if it is as engaging as Diwali, said Mr. Rawat.