Diwali 2023 Set To See Big Jump In Spending On Luxury Goods - Skywire

[Liz Seyi]

Given Diwali’s status as no less than India’s biggest and most important holiday of the year, it is only to be expected that many a luxury brands marketing agency will be busy as the festival approaches, coordinating marketing campaigns that are tastefully tied in with the occasion.
However, as high-spending customers in India grow in number, and even many luxury, lifestyle, and fashion brands based well away from South Asia seek to capitalise on this, there is increasing evidence of just how significant a time Diwali is becoming for those who like to spend on high-end goods.
With the Hindu festival of lights this year falling on Sunday 12th November, there are signs that related shopping activity is already intensifying among Indian customers. But what are the lessons that ambitious luxury brands should be taking away as a result?
“We are expecting increased spending across all luxury categories”
One relevant media outlet to have recently drawn attention to the ever-greater association between Diwali and the market for high-end products, is the Indian business and financial daily newspaper, Mint.
In an article entitled “Festive buying spree cheers luxury brands”, the publication said that on the backdrop of a “thriving economy”, companies anticipated a “significant surge in luxury goods demand in the ongoing festive season”.
The newspaper observed that “substantial growth” was set to be seen across a range of categories, including fashion, jewellery, footwear, and even cigars, with the third quarter likely to record as much as 20% greater demand in some categories.
The DLF luxury mall in northern India said it had seen 50% growth for watches, branded jewellery, and ready-to-wear items, compared to the same period 12 months earlier.
DLF Retail senior executive director, PushpaBector, said the company had already noticed an “uptick in overall expenditure” amounting to an 8% increase in spending per customer from the situation in 2022, adding: “We are expecting increased spending across all luxury categories, such as clothing, beauty, and personal care, during the upcoming festive season.”
So, what should your brand be doing in response to Diwali spending surges?
Of course, as far as Diwali 2023 is concerned, brands in the lifestyle, fashion, and high-end sectors should have already long been working with their chosen luxury brands marketing agency in order to make the most of the opportunities of the season, in ways that feel authentic and relevant.
Although your brand might have gone as far as putting together Diwali-focused capsule collections, this might not represent the best move for every single brand. In any case, it is important for ambitious brands to not depend solely on special-edition product releases in honour of the festival, when optimisation of the all-round consumer experience could be no less powerful a priority.
To learn more about the moves that your own brand might make to align its messaging and offer more effectively with its target audiences, whatever the time of year, please don’t wait any longer to enquire to the Skywire London team.