Significant ad spends on short-form videos on back of snackable content: Abhik Banerjee

This time of the year marks one of the most crucial periods for businesses. Consumer sentiment is at its highest, and spending patterns reflect the festive spirit. From offers and discounts to large-scale campaigns and personalized engagement, brands explore every avenue to stand out in a highly competitive marketplace. The rise of digital marketing and the increasing role of e-commerce has also intensified the focus on omnichannel strategies, ensuring that consumers are met with consistent messaging across both online and offline platforms.

Adgully’s special annual column, FESTIVE MOOD, delves deep into the intricacies of these marketing activities, offering a holistic perspective on the trends that define this season. From ad spend projections to consumer behaviour analyses, the column covers all aspects of the festive landscape. It highlights how brands are planning to position themselves, what marketing strategies are being adopted, and how consumer sentiment is shaping the promotional and communication tactics being deployed.

In conversation with Adgully, Abhik Banerjee, COO, Madison Media Infinity, sheds light on the festive season this year.

He observed, “The Diderot Effect states that obtaining a new possession often creates a spiral of consumption, which leads us to acquire more new things. As a result, we buy things that our previous selves never needed to feel happy or fulfilled. What the above effect leads to: If we only buy things that we need and do not indulge in goods and services that we don’t need, it is not good for the economy, nor brands.”

He further said, “Let’s understand the environment and background around us. The recent budget has sparked concerns among the middle class and the masses, facing significant economic pressures. The budget’s focus on fiscal consolidation and reduced subsidies might lead to a cautious approach to spending.”

Citing a 2024 study by Home Credit India (HCIN) and Great Indian Wallet, Banerjee pointed out that the average monthly expenses of lower-middle-class individuals in India are around Rs 19,000, while their average monthly income is around Rs 33,000. However, the rising cost of living due to inflation in India has left many people concerned about their finances.”

He pointed out, “The year 2024 has already witnessed four major events in the A&M Industry: IPL, T20 World Cup, Lok Sabha Elections, and the Olympics.”

Banerjee added that the 2024 festive sentiment may call for the following shifts:

A cautious approach, where consumers may shift to affordable options benefiting budget-friendly brands and e-commerce platforms leading to spends surge in Digital media with social media platforms like Meta and YouTube as well as OTT. CTV will also be bullish.
There are no major events during the festive this year, unlike the last two years (2022 and 2023), where there was Cricket World Cup in October-November.
This year, there are the India Vs Bangladesh and India Vs New Zealand series. Hence, regular inventory demand will be high.
Trends that will continue to rise are Personalization. Brands will focus on tailored messaging and offers to individual customers, using data analytics and AI-driven insights.
Local level influencer marketing will see growth as the option is budget-friendly and will help brands focus on geographies of focus.
Short-form videos will continue to attract significant ad spend as consumers are seeking snackable content.

Also Read: Growth in rural sector driving significant demand during festive season: Rajeev Jain