India’s festival season starts August and goes on through December with demand peaking around Diwali. And studies reveal that consumers are likely to open their wallets after two seasons of muted festive celebrations.
Why is this festive season important for businesses?
- With the worst of the pandemic gone, there is a sense of optimism back in the market
- People have moved on from the pandemic conversation to more generic celebratory ones
- With the overall market sentiment looking better, this year’s festive demand is expected to increase when compared to the past two years and contribute significantly to the overall growth of businesses
As per research, spending propensity is expected to go to 94% in 2022 as opposed to 90% in 2021 and 81% in 2020.
What does this mean for businesses?
This means, this festive season is a great time for business owners to earn maximum profits by catering to the increase in consumer demand. And ensuring that the business has effective cash flow to cater to the change in customer sentiment.
Given today’s competitive scenario, cash planning becomes extremely important for all businesses, especially during the festive season. Small business owners looking to cement the core of their business need to consider internal and external sources to meet cash requirements.
As a small business owner, you must be wondering how you can get in on the action. So here are top tips on how you can prepare for increased demands and make the most out of this festive season.
