Consumer markets all set for Onam season
With Only one month left for Keralite's own festival - Onam, the best season for shopping in Kerala, the market is all set to welcome the multitude of attractive offers and the resulting consumer spending that come along with it.
Given that Onam marks the start of the festive season in India, analysts keenly monitor the buying patterns during this period for key consumer insights in order to make projections for the upcoming months. With green shoots discernible in the economy, optimism is high among consumer durable companies which are expecting a 30 per cent on-year growth in sales this Onam.
It has been pouring offers from the durables industry, white goods retailers, jewellery brands, textile showrooms and malls making Keralites excited for their big yearly spends. Moreover, companies, brands and dealers have also joined the high-decibel sales pitch with unusual offers. Offering attractive gifts from gold coins to foreign trips, brands are already on their toes to welcome the national festival of Kerala.
The shopping spree in India starts with the coming of Onam. Therefore, all the companies in Kerala look forward to this season with great expectations. Market study shows that consumers are upgrading to higher end products in each category.
This year the consumer preference in the market is tilting more towards the purchase of 4k TVs, washing machines and refrigerators with the latest technology. Consumers are now preferring eco-friendly electronic items with less energy consumption marking a change in buyer behaviour. They are also concerned about product quality and consider reliability and longevity of the brands they purchase. Dealers say that consumers now visit a store with all the details of the product they want to purchase. This new breed of highly aware and knowledgeable customers poses an interesting challenge causing retailers to evolve and adopt different methods.
Despite the hype around e-commerce and online shopping, consumers still look to shopping in physical stores. A recent study conducted by the Mathrubhumi group reveals that though online is growing, it is still dwarfed by a consumer’s preference for retail stores. The main benefit is that people can touch, see and feel the product before buying them. A good relationship with dealers and prompt after-sales service are the key reasons people prefer in-store purchasing.
The usual players – textiles, home appliances, automobile and mobile phones will surely have strong growth in sales. According to studies, the sales of ACs increased remarkably during the last summer season. If this continues, the market is sure to reap a huge benefit from Onam this year. Many are offering affordable EMI options too which enables consumers to purchase aspirational products and brands that were once out of their reach, thereby shifting purchase trends toward high end and expensive products. This is the best time to catch Keralites as they are all ready to splurge for the great Onam.