India ranks highest in thoughtful shopping during the holidays: Survey
What's the story
When it comes to the holiday season, there's hardly anything better than traveling or shopping to our heart's content.Recently, a survey conducted by American Express revealed that Indians spend the most among seven surveyed countries on travel and tourism, and thoughtful shopping during the holiday season. Here's a look at how we have shifted to a more thoughtful holiday spending pattern.
Sector
Travel is the highest spend category to celebrate holidays
As per Amex Trendex, a report by American Express, a whopping 87% of the surveyed Indians agree that they are thinking about resuming the tradition of traveling during the holiday season. Eight in 10 people agree that their fondest memories are from family vacations. Six in 10 respondents are now shopping more from small businesses instead of brands this holiday season.
Spending
Millennials and GenZ love to plan holidays with friends/family
The report further reveals that of all the surveyed countries, India tops with 75% of respondents who want to plan a holiday with friends and/or family! These are mostly Indian GenZers and Millennials who are planning to celebrate the holiday season with family. With travel being at an all-time high, more people plan to travel overseas for events like music festivals and parades.
Payback
People are more supportive of small businesses than ever
In the age of being 'vocal for local', Indian consumers are prioritizing purchases from small ventures this holiday season. About 88% of the respondents believe that the after-effects of the pandemic have been a difficult time for small businesses, so they want to support them. Compared to last year, 70% of surveyed Indian GenZers and Millennials are more likely to shop from small businesses.
Shopping
Gifting has become more thoughtful and less luxurious
When it comes to gifts, most people simply wing it and shop for random things. However, much to our surprise, 88% of surveyed consumers agreed that they are shopping for thoughtful, sustainable gifts instead of luxury items. 87% of the population said that they would rather purchase experiences as gifts (e.g., theatre tickets, treatments, concert tickets) than material gifts.
Digitalization
Consumers are shopping online and opting for digital payments
If offered free shipping and returns, nine out of 10 Indians are more likely to shop online this holiday season. Additionally, with the government encouraging digitalization, 70% of the respondents said that they are using their digital wallets for various transactions. Moreover, 86% of the surveyed people have a go-to credit card to make their holiday spending easier.