Diwali apparel sales to surge 3.11 times more than other categories: TRA report
According to a survey by brand insights firm TRA Research, a category that is set to reap in Diwali sales is apparel, which will record 3.11 times the average of other categories, the survey observed.
The study — TRA’s Diwali 2020 Buying Propensity Report — hinted at categories that could be worth investing in, with targeted advertising. Twenty-eight per cent respondents shared a neutral buying sentiment, compared to June, whereas 7 per cent felt it would worsen, according to the study. The buying propensity index reflects an individual’s need-based and desire-based buying.
A recovery in household expenditure is likely to cheer up brands. After a fall in expenditure by 12.3 per cent from February to mid-June, the recovery is projected to record a net gain of 6.8 per cent in spends until Diwali.
A comparison of consumer household spends between the Diwali of 2019 and 2020 shows this year is likely to see a dip in expenses by 5.1 per cent, the report said.
A graph on the matrix of buying propensity and planned purchases showed that mobile phones, consumer electronics and two-wheelers were in the very high-priority list; home furniture, jewellery and TV formed the high-priority category; laptops, kitchen appliances, cars and personal accessories were in the medium priority band; and home renovation, health insurance and travel fell in the low-priority bracket.
