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.
