In the post-Covid world, how people shop for fashion and accessories has significantly transformed. Consumers are now exploring beyond traditional brands, showing interest in direct-to-consumer (D2C) brands, supporting small entrepreneurs, seeking customized options, and embracing sustainable products. This shift in consumer preferences and buying patterns has transformed how brands engage with their audience.
One key observation from recently released India’s Festive Wallet Outlook 2023 is the growing importance of connecting with tech-savvy consumers. Brands must engage with their audience at multiple touchpoints to create a meaningful impact. This dynamic interaction between brands and consumers is fundamental to success this festive season.
Interestingly, fashion and accessories have witnessed a significant increase in demand, contributing notably to overall sales growth. Fashion and accessories have emerged as a popular choice for consumers during this festive season, followed by beauty and personal care in the fast-moving consumer goods (FMCG) sector.
Fashion & Accessories – A Festive Favourite
Discount-Driven Shopping: 50% of consumers are motivated by discounts and offers when shopping for fashion and accessories.
Gender-Neutral Spending: Around 70% of male and female consumers plan to increase their expenditure on fashion & accessories during this festive season.
Digital Payments: 82% of consumers prefer UPI/ wallet mode for their purchases, indicating the preference for digital payment methods. The digital payment platforms driving the surge in commerce also wield considerable influence over consumer purchase decisions. Paytm emerges as a standout contributor, achieving three times higher brand and product awareness among users than other payment platforms. Moreover, beyond facilitating transactions, Paytm seamlessly integrates into users’ daily lives, encompassing bill payments, subscriptions, and access to various digital services. As a hub for brand discovery, Paytm connects users with relevant products, gaining particular significance during celebratory moments.
The festive season’s atmosphere plays a significant role in shaping consumer behaviour. It sparks a heightened interest in wardrobe upgrades, as 72% of consumers intend to invest in fashion and accessories during the festivities.
The report reveals that product discovery starts almost two to three weeks before Diwali, followed by purchases. This indicates that brands must be visible well in advance to entice the discount and offer-seeking audiences to reach the consideration stage. In response to evolving preferences and habits, fashion brands must make their products and offers easily accessible through multiple touchpoints.
Interesting Read: Find the Right Audience for Your Brand with Paytm Ads
The key to successful engagement lies in understanding what motivates passionate shoppers. By leveraging Paytm Ads’ deterministic audience signals to target shoppers, brands can look at creating the proper communication on the path to purchase. Some top brands leveraging Paytm Ads this Festive Season include H&M, Myntra, GiVA, Ajio, etc.
Echoing his views, Anadi Bajpai, GIVA, Sr. Manager – Partnerships & Corporate Gifting, said, ‘‘Paytm has been an important channel for our growth and for us to tap into different targeting and audiences. The biggest power it has is the reach and scale at which Paytm operates, and we can reach out to as many customers as possible and get to them to experience our brand through different properties on Paytm, which has been the most important aspect for us.”
Marketers seeking to leverage the insights from “India’s Festive Wallet Outlook 2023” will find Paytm Ads as the preferred partner for their festive campaigns. With unparalleled data-backed insights, Paytm Ads empowers marketers to create resonant and impactful campaigns that capture the spirit of the festive season.
Access the full report to decode the strategies shaping this festive season’s campaigns.
Frequently Asked Questions
Question 1: How can brands effectively leverage Paytm Ads to target festive season shoppers?
Answer: By utilizing Paytm Ads’ deterministic audience signals, brands can create targeted and effective communication to guide shoppers on their path to purchase. Paytm Ads connects users with relevant products and is particularly valuable during celebratory moments as they continue their transaction journey.
Question 2: Where can we get all the insights from “India’s Festive Wallet Outlook 2023?
Answer: Access the full report to understand the strategies shaping this festive season’s campaigns. This report provides valuable insights for marketers and brands looking to optimize their festive season strategies.
Question 3: How can I showcase my brand on Paytm?
Answer: Get started here to feature your brand on Paytm and explore advertising opportunities on Paytm.
