Its Diwali season. And as Rama Bijapurkar stated, its the season that's a barometer to consumer sentiment. If consumers loosen their purse strings this season, it will be a cheer for future consumption. If they don't, gloom's just round the corner.
To prepare for this season marketers need to know why consumers splurge during festivals. Though the conventional reason stated is, its celebration time, the real reason's otherwise. Festival time's fertile ground for consumers sentiment. Here's why.
The two external entities that bear down on consumers as influences are, a firms marketing effort and the socio-cultural environment. During festival time, firms' marketing efforts reach a crescendo. Communiques abound with lures never seen in normal times. New products and campaigns are unveiled. Price offs abound. Add to this, socio-cultural influences. Whoever the consumers consider as reference group, messages that emanate from them's the same. They are buying and they prod you to. For example, your neighbour's bought a new LCD TV and brags about it to you. He tells you both about the product and the kill he made for the price he paid. Add to this the cultural context. The cultural circle within which you live has ingrained into you through fables and myths a practice that this is time to celebrate. You have seen this happen for ages past. And so you follow. Its natural.
So you see, the external influences on you as a consumer are at their peak. The resultant is, decision making is at its easiest. Information searches provides you with the goods. Evaluations are easily made on products available. And price offs convince you of that you are being wise when you buy. In fact, your psyche that's made up of what motivates you, prods you to perceive, learn and build attitudes towards brands is at its conducive best.
The consuming climate during festivals is at its best. Built by a combination of brilliant influences from the outside that craft a willing psyche within.
That's why we buy.