Over 25% shoppers plan to make high-value purchase above Rs 50k: MiQ

As the festive season approaches, Indian consumers are gearing up for a shopping spree, with a notable portion planning to make high-value purchases. According to  MiQ Festive survey data of 2200 shoppers, over 25% of shoppers are set to spend above Rs 50,000 during this period, highlighting the increased focus on big-ticket items such as personal gadgets, home appliances, jewelry, and automobiles.

In the lead-up to the festivities, personal gadgets like earphones, smartwatches, and smartphones remain highly sought after, especially in East India. The surge in searches for value-for-money products reflects a shift in brand loyalty, with consumers focusing more on deals and discounts. Similarly, home appliances dominate in West India, while jewelry takes the lead in the southern region.

The digital space is playing a crucial role in shaping these festive shopping trends. From YouTube and OTT platforms to programmatic video and display ads, brands are leveraging dynamic creatives, social boosts, and chatbot solutions to engage consumers across channels. The festive period also witnesses an increase in ad engagement by 1.12x in video campaigns and 1.46x in display ads, making media more expensive. 

In terms of demographics, the majority of high-value shoppers fall within the 35-44 age group, 63.57% are male, while 36.43% are female, consisting of parents with high household incomes. These shoppers, predominantly residing in Tier I and Tier II cities, are business professionals or employed at multinational corporations.

As for the purchasing channels, personal gadgets are primarily bought online, while home appliances and jewelry see a mix of both online and offline purchases. Automobiles, however, remain firmly in the offline domain. 

For brands, capturing consumer attention during the festive season requires a comprehensive strategy. With shoppers thoroughly researching their intended purchases—examining product reviews, design, discounts, and availability—it becomes vital for brands to use a full-funnel approach. This strategy should integrate branding and performance-based campaigns to outshine competitors and stay top-of-mind for consumers.