Request a demo for a perfect solution apt for your business. Take this journey with us to improved growth!


Download Link Sent to Your Inbox

Festive Cheer for Retail Market: Good News for Insurers!

Zopper Team Industry Talk November 15th, 2023
Festive Cheer for Retail Market: Good News for Insurers!

Diwali brings great cheer to the Indian retail market! From gold jewellery to white goods and the automobile sector, Diwali and Dhanteras festivities have propelled increased consumption across different categories. A surge in low-ticket purchases is a welcome sign for Indian manufacturers and retailers. Robust demand has been reported from Tier-2 and Tier-3 cities, alongside metros.

Automakers and FMCGs delighted as festive demand soars high

Automakers across different states are reporting robust festival demand and indicate Dhanteras and Diwali as having established exceptionally strong retail performance in the two and three-wheeler segments. 

A leading homegrown FMCG, in its post-Diwali statement, has shared that it is already witnessing “very good” recovery in rural markets and expects this pattern to continue due to inflation dipping alongside the cooling of commodity prices. 

Retail markets cheer Diwali sales

Recent estimates shared by the Confederation of All India Traders (CAIT) indicate that the country’s retail markets registered a historic high of ₹3.75 lakh crore, and this momentum is forecasted to continue for the upcoming holiday season as well. The government e-Marketplace (GeM) achieved a whopping ₹2 lakh crore gross merchandise value in the eight months of the current fiscal year. This is further attributed to the increased buying activity by different departments. Consumer sentiments are at a historic high across diverse sectors.

A striking trend this Diwali has been that mostly only Indian products were purchased this festive season. In previous years, Chinese products had enjoyed considerable popularity with Indian consumers, thereby occupying about 70 percent of the retail market during Diwali festivities. On the day of Diwali, the sale of flowers and fruits across the country has been pegged at ₹5,000 crore and ₹2,000 crore, respectively. A notable surge in consumer preference for locally made items marked a significant change in this festive season. Clearly, the ‘Vocal for Local’ sentiment has resonated with consumers this festive season. 

Latest Retail Trends Indicate Robust Consumer Demand

For insurers in India, good retail trends provide a clear opportunity to promote InsurTech solutions that meet customer requirements and lifestyle preferences.

As Indian consumers show great demand for health and lifestyle products, companies are also witnessing tremendous demand for smart accessories, particularly smart watches, fitness trackers, wearable technology, etc. ETRetail, in its digital news report, cites that India witnesses a monthly demand of 5 million smartwatches! 

The positive outlook for the retail segment pegs a triple-digit year-on-year expansion spanning the next 3 years. With the current competitive landscape evolving to meet real-time consumer preferences, companies can focus on innovating for festive occasions by tracking these buying trends for the upcoming New Year season.

To explore Zopper’s personalised blend of digital insurance offerings, visit our Lifestyle segment.  Book a demo instantly!

share this article

Recommended articles

Basics of Insurance | June 5th, 2023
Insurance is an essential component of financial planning and risk management. It provides a safety net against unexpected events and uncertainty that can have significant financial consequences.General insurance, also known as non-life insurance, is one of the most common forms of insurance that covers a range of risks such as property damage, liability, motor, and travel insurance.General ins...
Basics of Insurance | June 29th, 2023
Business insurance helps to protect companies from financial harm and workplace hazards that could happen in the business. Every potential danger that your company can encounter is covered by insurance. The costs and coverage options offered by insurance companies vary. You should talk to your insurance broker or agent about the types of insurance products that are available, as per your speci...
Basics of Insurance | June 29th, 2023
In today's world, education has become more important than ever, and pursuing higher studies often requires financial assistance. Fortunately, several Edtech companies have emerged in recent years, offering education loans to students. These companies understand the financial challenges faced by students and provide them with convenient loan options to support their educational aspirations...
Basics of Insurance | June 29th, 2023
Education is essential in today's fast-paced world for determining one's destiny. However, students and their families frequently face a heavy financial burden as a result of the rising expense of education. This is where edtech platforms that provide education loans enter the scene, giving students pursuing higher education financial support. This article will examine three significa...


Be the first one to know about latest happenings in the InsurTech sector. Click below to subscribe to our newsletter!