The nation has just wrapped up a lavish Diwali celebration, and Razorpay—India’s Leading Omnichannel Payments and Banking Platform for Businesses—is back with its annual Diwali Trends Report. From dining to travelling, Indians are spending more on new experiences—here’s what the report states.
Diwali Trends Report By Razorpay
In this paper, more than 700 million transactions made on the Razorpay platform between 2022 and 2023 are analysed and compared. Based on purchasing behaviours and patterns from the two months preceding Diwali in each year—September and October in 2023 vs August and September in 2022—the insights have been derived.
Indians are currently changing how festivals are celebrated, paving the way for the emergence of a new business, the Experience business. From setting off on several excursions to locations and their homes both near and far to indulging in gastronomic pleasures and savouring the rich experience of dining out, Indians are doing this.
Rahul Kothari, COO of Razorpay, stated that the report on Diwali Payment Trends showcases how India’s heterogeneous market comes together for celebrations. It unites online and offline consumers by creating a common rhythm in omnichannel transactions that spans the nation’s culturally different regions. The way that Indians have expanded their investment scopes from just material commodities to now including valued and immersive experiences is amazing.
As their clients’ go-to partner for payments, they are pleased to have contributed a little but meaningful amount to their expanding company trajectory. They will keep celebrating their accomplishments with a radiant spirit, empowering them to accomplish more with less.
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Key Insights To Know About
1. 48% Increase In Restaurant Transactions
The festive season has seen a 48% increase in restaurant transactions, showcasing the expansion of dining tables beyond homes. This has made the Diwali experience more special, with a 40% increase in dining out experiences.
2. 137% Rise In Dietician Services & 42% Fitness Equipment Sale
Indians are prioritising self-love and self-care, not just in the form of sweets and savouries but also in their physical and dietary well-being. This has led to a 137% increase in dietician consultancy services. And a 42% increase in fitness equipment sales during the festive season. In 2023, 20% of all spending on fitness and dietitians took place during this period.
3. 137% Increase In Sales Of Jewellery
Despite changes during Diwali celebrations, India’s traditions remained intact. In 2023, sales of jewellery increased by 137%, fashion and lifestyle brands by 32%, and women’s clothing by 56%. It showcases the true spirit of the festive season. This reflects the country’s vibrant culture and roots.
4. Increase in Flight Tickets and Holiday Bookings
Indians are shifting from shopping to exploring new destinations, indicating a desire for richer experiences. Diwali has become a festival of flights, with a 2x increase in spend on flight tickets. And a 35% increase in holiday accommodations.
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Razorpay’s Diwali Trends Report highlights India’s trend towards experiences as Diwali 2023 draws to a close.
Cover Image Courtesy: Canva
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