The consumer durables market in India has seen a remarkable transformation in recent years and is set to become the fifth-largest market in the world. With the advent of the festive season, this sector experiences a surge in demand driven by various factors, including gifting, home renovations, and the desire to upgrade personal technology. The recent ‘India’s Festive Wallet Outlook 2023’ by Paytm Ads highlights some fascinating insights around festive purchase behaviour for consumer durables that can help businesses make the right marketing choices to face the upcoming festive season.
Discounts and Offers Drive 65% of Consumer Purchases:
It’s no secret that Indian consumers are fond of discounts and offers. 65% of consumers purchase consumer durables influenced by high discounts and offers, setting the stage for a festive season where consumers actively seek deals and promotions.
50% of Consumers still prefer in-store Purchases:
Despite the digital revolution that has reshaped the way consumers shop for durables. Today, one out of every two consumers prefers offline stores for their durable goods purchases.
Electronics Dominate Online Marketplaces:
For electronics, 62% of consumers prefer buying them online. This trend highlights the different touchpoints brands can present consumers with to make instant purchases.
Furniture and Home Appliances Thrive Offline:
Interestingly, 61% of consumers buying furniture and 52% buying home appliances opt for offline stores to make their purchases. Understanding these preferences is crucial for advertisers, as it highlights the importance of targeted marketing strategies for different product categories across their purchase journey.
Preference for Digital Payments:
56% of consumers opt for digital payment methods like UPI and wallets to make their purchases. This preference underscores the need for advertisers to leverage payment apps into their campaigns for brand discovery, targeted offers and deals.
Emerging Digital Platforms Drive Awareness:
For 30% of consumers, brand and product awareness is driven through emerging digital platforms such as content and payment platforms, signalling a shift from traditional digital advertising channels. It emphasizes the importance of a solid presence on new digital touchpoints.
Festive Fervour: 30% of Consumers Plan to Make Purchases:
With 30% of consumers planning to make durable goods purchases during the upcoming festive season, advertisers have a unique opportunity to capture the attention of a motivated audience.
The Influence of In-Store Visits:
In the previous festive season, 43% of offline buyers gained awareness through in-store visits and while making a transaction.
Paytm: A Leader in Driving Awareness:
Among various payment platforms, Paytm stood out by generating fivefold awareness for consumer durables. This demonstrates the platform’s effectiveness in reaching and engaging potential customers in this category. Some brands that have leveraged Paytm include LG, Ikea, Havells, Phillips, Luminous, and Bluestar.
As India’s consumer durables market grows, understanding festive purchase behaviour’s intricacies becomes paramount for advertisers. With an increasing preference for online channels, digital payments, and emerging platforms, Paytm Ads emerges as a powerful ally for advertisers looking to tap into this burgeoning market. Leverage the deterministic audience signals and innovative advertising solutions with Paytm Ads to make a lasting impact in the consumer durables sector during the festive season. To know more, write to us at ads.marketing@paytm.com
Frequently Asked Questions
1: How do discounts and offers influence consumer purchases in this market?
Discounts and offers play a crucial role in influencing consumer purchases in the consumer durables market. A staggering 65% of consumers are swayed by high discounts and offers, making them key decision-making factors. Businesses can leverage this insight by crafting attractive promotional strategies to cater to deal-seeking consumers during the festive season. Paytm Ads Offers Ads can help brands reach their festive offers right during their transaction journey.
2: How can businesses leverage digital payments platforms for marketing consumer durables during festive seasons?
Businesses can harness the power of digital payments platforms for marketing consumer durables during festive seasons by leveraging the innovative ad formats like Offer Ads, Video Ads, etc. With 56% of consumers preferring digital payment methods like UPI and wallets, brands can offer targeted promotions and discounts through these channels. Additionally, focusing on payment platforms for marketing, can help drive brand awareness and engagement, especially among younger consumers.
3: Why should businesses consider advertising on Paytm Ads?
Paytm Ads offers a unique opportunity to reach a large and diverse customer base in India. It provides access to a range of advertising solutions and targeting options to create effective campaigns, making it an attractive choice for businesses aiming to boost their online presence and sales.
4: What types of businesses can benefit from Paytm Ads?
Paytm Ads caters to a wide range of businesses, from small startups to large enterprises. It is particularly beneficial for businesses in sectors like e-commerce, consumer durables, electronics, retail, and more, as it offers targeted advertising solutions to reach the right audience during the festive season and beyond.
5: Can you provide examples of brands that have successfully leveraged Paytm Ads for their marketing campaigns?
Paytm Ads has been instrumental in boosting brand awareness and engagement for various brands in the consumer durables sector. Some notable brands that have effectively used Paytm Ads include LG, Ikea, Havells, Phillips, Luminous, and Bluestar. These brands have capitalized on Paytm’s platform to reach their target audience and drive sales during festive seasons and beyond.
