The festive season saw a significant 40% increase in dining out experiences, while jewellery sales leading up to Diwali rose by 137%. A study by Razorpay revealed that 99% of respondents recognized the value of AI in shopping experiences.
The Diwali Trends Report by Razorpay offers insights into purchasing trends leading up to Diwali in 2022 and 2023. The report showed that there was a 48% increase in restaurant transactions in 2023, indicating a rise in dining out during the festival. Additionally, there was a notable 137% surge in consultations with dietitians and a 42% increase in fitness equipment sales.
Online ads and brand websites/apps were the top sources for initiating gift searches, with 99% of respondents acknowledging the benefits of AI in shopping experiences. The report also stated that there was a 137% increase in jewellery sales and a 32% increase in sales for fashion and lifestyle brands.
Furthermore, the festive season also saw an increase in travel investments, evident in a twofold increase in flight ticket expenditures and a 35% increase in spending on holiday accommodations.
Insights from Criteo, the commerce media company, revealed that pivotal deal days during the Diwali period had a significant impact, driving a 26% increase in sales and an 8% surge in website traffic compared to the average.
Consumer behavior during the holiday season showed that many consumers had already considered their gift choices, with over 50% having made holiday purchases. Taranjeet Singh, Managing Director, Enterprise, APAC, Criteo, highlighted the potential for businesses to acquire new customers and turn them into repeat customers during this season.
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