The Indian Festive Season has begun, and the brands, eCommerce platforms, etc., have started releasing their campaigns, enticing their customers. Businesses expect an improved demand for the festive season of 2022 as this is the first year without any COVID-19 lockdowns. Brands are offering heavy discounts on their products and services so that more and more people can buy them. We have listed some festive campaigns full of emotions that will induce consumers to buy more.
How and why festive season is essential for business?
India and its festivals are synonyms for each other! Its diverse culture and people set a unique image of the country worldwide. It is the festivals when the country’s people buckle up and shop for anything & everything for their homes and themselves. Festivals and holidays have substantially impacted consumers’ shopping behavior, promoting business opportunities across every industry in the country. The Confederation of All India Traders says that its small and medium business members generate annual sales of over $1.5 trillion. The confederation has also forecasted that this year’s Diwali sales will be more than 30% of last year.
In the last two years, being in the middle of lockdowns, businesses have suffered due to lower demand for goods and services during the festivals. Therefore, they anticipate the consumers postponing their purchases during these last two years will buy from this year’s festive sale.
How are Indian festivals helping the Indian economy?
The Indian festivals unarguably drive a significant part of the country’s economy. Festivals and holidays have substantially impacted consumers’ shopping behavior, promoting business opportunities throughout the nation. During this season, most businesses happen due to increased demand for products and services. And, more business means more employment generation by companies. According to the human resources analytics firm TeamLease, companies will add 20% more to their current workforce base in the season beginning October and lasting till December. Also, the pay scale will be 8% – 10% higher than last year.
In the year 2022, the eCommerce giant, Flipkart will create 50,000 new jobs and is hiring 400 employees each day at its Haringhata warehouse for the festive sale.
The eCommerce brands like Amazon, Myntra, etc., also help accelerate the businesses of various logistics companies like Delhivery, Ekart, and more. One of the leading courier companies, Ecom Express, is expecting a 65% rise in parcel processing capacity during this Indian festive season.
The festivals and tourism also strongly impact the travel and hospitality industries as they promote tourism. The major hotel giants like Conrad and InterContinental Hotels Group expect to record over 75% occupancy levels.
Indian festivals also stimulate the rise in demand for loans for buying expensive consumer durables or assets for homes or personal use. Kotak Mahindra Bank has witnessed a 77% growth in loan demand compared to last year.
Festivals have come a long way from helping structure our social lives to becoming a primary source of promoting businesses. The Indian economy is genuinely based on its festivals, culture, and traditions.