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Friday, January 27, 2023

65% families’ festive season expenditure to increase 1.5 times

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This year, 1 out of every 3 families has decided to spend more than 10 thousand rupees during festivities. As per a survey report by community social media platform, Local Circles, around half of these families will shop from stores, malls and markets, and as a result, it is being expected that the footfall in malls will increase 20%. The report suggests that as compared to the last year, the expenditure during the festive season will go up by 52%. But the expenditure will be 13% less than the pre-COVID times of 2019.

65% of the families which participated in the survey stated that they are prepared to spend anywhere between 2000 and 1 lakh rupees during the festivals. More than 58000 people from 862 districts took part in the survey. 9% of the families stated that they would be spending 2000 Rs, while 17% of them will spend anything around 5-10 thousand. 10-20 thousand will be spent by 6% of the participating families, and 15% will spend 20-50 thousand rupees. And while 35% of them had no plans regarding expenditure in the festive season, 9% have prepared for an expenditure of 50 thousand to 1 lakh rupees. 3% families have decided to spend more than 1 lakh, while 6% of them have not made estimates. The families spending up to 10 thousand rupees numbered the most.

It was also found out that the most, that is, 49% of the shopping will take place in malls, stores and markets, while 33% of it will be done using e-commerce and online shopping apps. 15% of the families have still not decided about it, while 5% have decided to get things home-delivered through local shops, and 3% will go for other ways.

Sachin Tapadia, Founder and Chairman, Local Circles, said that 33% of the families are ready to spend 10 thousand to more than 1 lakh rupees, but on the other hand, 35% of the families do not have money to be spent additionally in the festive season.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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