Increasing petrol and diesel prices have made consumers in the top ten cities more budget cautious
Budget was chosen as the top shopping criteria by consumers of seven of the top ten cities.
According to a study issued on Sunday, the majority of households (about 60%) in the country's top ten cities are spending during the current festive season, but rising petrol and diesel prices, as well as raised prices of commodities, have made them more budget- or value-conscious.
In its 'Mood of the Consumer' national poll, which included over 61,000 homes across the top ten cities, online platform LocalCircles claims to have noticed a significant improvement in consumer spending.
According to the study, the percentage of households planned to spend over the festive season of 2021 increased from 30% in May to 60% in September, as COVID-19 instances decreased dramatically and economic confidence rose during these four months.
"Most households from these top-10 cities have been sharing in the past 30 days the concerns related to rising prices of fuel and essentials and their focus on budget when shopping during this festive season in the various online communities on the LocalCircles platform," said LocalCircles founder Sachin Taparia.
According to him, inhabitants of seven of the top ten cities in the poll selected budget as their top buying factor as a result of this.
The LocalCircles survey includes Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, Kolkata, Ahmedabad, Pune, Gurugram, and Noida, with over 1.95 lakh responses from over 61,000 homes across these cities, according to the company.
"Budget is the top criteria for households of Bengaluru, Chennai, Gurugram, Kolkata, Pune and Ahmedabad; while for households in Hyderabad, Delhi, Mumbai and Noida 'Safety' is more important. 'Convenience' is also quite an important criterion for Noida, Mumbai, Pune and Ahmedabad households," stated the survey.
As per the survey, at least one out of every two consumers in the top eight cities out of ten are shopping online or locally for home delivery for the majority of their holiday shopping.
While the majority of families in Mumbai and Kolkata are likely to visit stores and marketplaces as their primary channel for festive shopping, according to LocalCircles, the majority of households in other top cities are likely to order the majority of what they need for home delivery.
"The key standout cities were Hyderabad (75 per cent), Noida (72 per cent), Pune (67 per cent) and Chennai (60 per cent), whereas over 60% of respondents stated they prefer to have the majority of their needs delivered to them rather than visiting to stores and markets.
"Kolkata (57 per cent) and Mumbai (52 per cent) were the two large cities where more people will visit markets," as per the survey.
Smartphones, consumer electronics, white goods and appliances, home renovations, and gadget upgrades are just a few of the big-ticket items that consumers in the top-10 cities expect to buy over the holidays.
All residents in Hyderabad and Noida, 83% in Gurugram, 80% in Bengaluru, 57% in Mumbai, and 48% in Chennai are likely to purchase products under the smartphone and consumer electronics categories.
According to the poll, 75% of Pune homes, 58% of Delhi households, and 42% of Ahmedabad households are inclined to purchase white goods and appliances.
Home renovation products such as decorations and furniture are anticipated to be purchased by 80% of Kolkata households that are making large-ticket purchases.
According to the poll research, residents in Mumbai, Hyderabad, Pune, and Noida are all likely to buy clothes, while 42% of families in Chennai and 35% in Ahmedabad are likely to spend on cosmetics, fragrances, shoes, bags, and other accessories.
During the festive season, all households in Hyderabad, 84 percent of Delhi, 84 percent of Gurugram, 83 percent of Noida, 80% of Kolkata, 72% of Mumbai, and 70% of Pune are likely to spend on dry fruits, traditional sweets, chocolates, bakery products, and other items, according to the survey report.