How consumers plan to spend their money this Diwali

Consumers plan to spend most on clothes and fireworks this Diwali according to a survey. The second biggest spending will be on gifts.

ArthaYantra, an integrated online personal financial service company, conducted a survey to understand spending behaviour of consumers during Diwali.

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The survey included respondents from various income groups who participated from across the country.

ArthaYantra categorised consumer by income group as well as age to get better understanding of spending behaviour.

Most respondent said that they will spend below Rs 10,000 this festive season.

Most of the consumers are going to spend the money on clothes and fireworks followed by gifts.

Festive discounts and offer do drive demand in a big way, as these motivate consumers the most to to spend.

Majority of the respondents will not spend over Rs 10,000 during festivities.

Most of the people will be using their savings and salary for purchases. However, a sizeable number (over 20 per cent) will be using loans to fund their purchase.