India’s consumers are ready to spend in the upcoming festive season, a period which coincides with the ICC Cricket World Cup in India that is expected to draw in advertisers.
Why the consumer mood matters
During a major cricket tournament, general entertainment channels worry that core advertiser spending may be hit as money is diverted to sports channels. But with people in an optimistic financial mood ahead of the festive season, that seems less likely.
- 70% of Indians are ready to spend more this Diwali, according to recent research by The Trade Desk – that’s double the figure of a year ago.
- Around half of consumers believe their financial situation has improved (53%), and they are ready to celebrate a lot more this year (49%).
- More than half (58%) consider themselves to be planned shoppers; just under half (45%) says brand trust is an important factor in Diwali shopping decisions.
- 61% say they will do more product research if they like ads on OTT platforms.
- Separate research from Redseer projects 20% growth in e-commerce sales this year as 140 million shoppers purchase online at least once during the festive season.
- The ICC Cricket World Cup is expected to attract Rs 20-22bn in ad revenue on TV/digital platforms combined, according to market research company Elara Capital.
- Total spending by telcos during the tournament is projected to be around Rs 175 crore – similar to the amount companies like Hindustan Unilever and Mahindra & Mahindra will be spending individually.
Guest Author:warc staff