Marketnest predicts festive growth in Tier 2 & 3 cities

06 Oct,2021

By Our Staff

 

Marketnest, a Delhi-based market intelligence firm, predicts that many markets in the Hindi-speaking markets have regained their vibrancy with marketplaces, shops, and even schools reopening. The survey commissioned by the Dainik Bhaskar group was conducted in Madhya Pradesh, Chhattisgarh, Rajasthan, Gujarat, Bihar, Jharkhand, and Chandigarh, to check on consumer sentiments with the pandemic settling down.

 

The research was conducted in September 2021 and examined over 15 product categories, with approximately a hundred brands featured in each and via interviews with 9000 respondents.

 

“The survey highlights the market’s remarkable rebound following the second wave of the Covid-19 pandemic, owing to pent-up and strong festive demand. The patterns show that strong demand will emerge from Tier II and III cities, with products across all categories experiencing robust demand during the festive season,” notes a communique.

 

 

Commenting on the report, Nitin Garg, Director, Marketnest said: “This festival season, Tier II & III cities appear to be more hopeful about festive shopping than Metros & Tier-I cities. This trend is visible across all product categories, from the most basic such as cookware, to consumer durables such as washing machines, televisions, and refrigerators, to high-ticket products such as jewellery and two-or four-wheelers. For example, over 65% of respondents to the poll stated that they want to purchase jewellery this festive season, with 50% choosing larger retail chains due to their higher level of trust, brand recognition, ease of returns, and variety of designs,” adding: “This festive season could be a rebound season for retailers, especially in Tier II and III markets. Individuals have already begun browsing for newer things, shortlisting items to purchase, and checking out advertisements. We believe that now is the appropriate time for businesses to spend in marketing and promotional efforts to connect with their customers.”

 

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