Festive season sees record online spending, reveals consumer mindset: Criteo study
21 November 2024, Mumbai
The 2024 festive season has given a huge boost to India’s online retail sector. Criteo, the global commerce media company, has released its latest findings on the festive shopping, revealing big sales, evolving consumer journeys, and key trends across product categories.
Online sale sees a jump
Average online retail sales during the peak Diwali week (October 25-31) saw a remarkable 14 per cent increase compared to the same period in 2023. Online traffic to retail sites too saw an impressive 42 per cent rise in October compared to September. But what was interesting is that shoppers in India took an average of 15 days from initial product view to final purchase, highlighting a thoughtful approach to festive spending. Some shoppers even took over six weeks to make their decisions, the study shows. Consumer electronics with 41 per cent and fashion 20 per cent dominated online shopping carts in the weeks leading up to Diwali.
Table: Category wise sales performance
|
Category |
Sales increase (Oct 2024 vs Sept 2024) |
Top performing products |
|
Home & Garden |
+89% |
Light ropes & strings (+204%), Candles (+122%), Dinnerware |
|
Apparel |
+77% |
Coats & jackets (+154%), Pajamas (+81%), Saris/Lehengas (+78%) |
|
Health & Beauty |
+54% |
Hair styling products (+61%), Bath & body kits |
|
Consumer Electronics |
+60% |
Smartphones, Laptops, TVs |
Criteo's data reveals a fascinating trend, the emergence of the ‘Long Diwali’ shopper. These consumers begin browsing for Diwali gifts and necessities weeks in advance, carefully considering their options before making a purchase. One shopper Criteo tracked first viewed a high-end smartphone on September 12th. They revisited the product page several times over the next six weeks, comparing prices and reading reviews before finally purchasing it on October 28th, just days before Diwali. This behavior underscores the increasing importance of retargeting strategies and personalized recommendations for retailers.
Festive shopping trend this season has highlighted the continued growth of e-commerce in India. The extended consideration period highlights the need for retailers to engage shoppers throughout their journey, providing relevant information and offers at each touchpoint. Criteo's insights provide valuable guidance for retailers as they navigate the evolving Indian e-commerce landscape. By understanding consumer behavior and leveraging data-driven strategies, businesses can optimize their campaigns and capitalize on the growing opportunities in this dynamic market.
