Brand Strategy: Diwali 2024 - A guide to shine bright in the Diwali business boom
As the festival of lights brightens the horizon, Diwali 2024 promises to be a grand celebration of culture, commerce and community. Celebrated by over one billion people in India and the diaspora, the Hindu festival of lights has become a key global holiday and a pivotal moment for brands and retailers alike.
Take a sneak peek of one of the five strategies to help you stand out and capitalise on the surge in Diwali spending.
The Diwali opportunity
Diwali has become established outside of India, and it's a key calendar event in multiple industries including fashion, beauty and food and drink.
Several US states marked it as a holiday in 2022, with Disney World Resort in Florida hosting its first-ever Diwali celebration in 2023. Major global retailers such as Target, Walmart and M&S are stocking shelves with Diwali-specific goods and Krispy Kreme and Lush Cosmetics both launched Diwali-themed collections last year.
In India, Diwali led to a 49% surge in online sales and a 22% increase in conversion rates in 2023. After a cautious Q1 in 2024 due to the country’s national election, spending is now expected to increase and India’s cities are proving to be key markets.
Brand strategy: appeal to communities at home and abroad
It’s important to acknowledge that Diwali is not a one-size-fits-all holiday. Across different regions in India and among the global Indian diaspora, customs vary, making it crucial for brands to create targeted campaigns that resonate emotionally with these customers, focusing on regionally specific casting, attitudes and cultures.
This tailored approach can manifest in many ways. Brands can leverage regional and micro-influencers to create hyper-local content that increases brand connection and relatability.
Fostering inclusivity on websites and platforms, as well as content in regional languages will be the key to appeal to non-English and non-Hindi-speaking audiences. Moreover, working on deep collaborations with Indian partners would be a great approach for global brands to understand the nuances and needs of their target audience.
Want to know how to stand out and capitalise on the surge in Diwali spending? Download our report here for more key strategies on how brands and retailers can shine and make the most of the festive Diwali season.