Extensive mapping reveals that banks and e-wallets increased their TV spends post the demonetisation of 500 and 1000 rupee currency notes in India. The first 20 days after demonetisation also witnessed a 20% surge in searches for the e-wallet industry in India. On the other hand, as people grappled with the aftereffects of demonetization, searches for e-commerce dropped a whopping 39%. While news channels continued to occupy the biggest share, brands increased their spending on Hindi and Kids channels to spread awareness. On the social media front, Twitter and Instagram, though not as popular as Facebook, saw a substantial increase in usage post the demonetization announcement.
IMPACT ON GOOGLE SEARCHES
While there was a 39% dip in searches for e-commerce brands, at the same time there was a 19% rise in searches for wallets
- PayTM was a clear leader in the industry with maximum searches; searches for PayTM increased a massive 40%
There was no major change in searches for the banking sector
- Banking services were most searched followed by securities and share broking