Diwali is one of the busiest holidays in India, with plenty to do, as everyone knows. There is a huge list of tasks that must be done every Diwali, including shopping, gifting, and decorating. As Diwali is over, let’s look at some Diwali trends. In its Diwali Trends Report, Razorpay, the top omnichannel payment and banking platform in India, examined more than 900 million online and offline transactions made on its POS and PG platforms between 2023 and 2024. Between September 1 and November 12, 2024, and September 12 and November 12, 2023, the two months preceding Diwali each year, the research offers insights into purchase habits and patterns.
Razorpay’s Diwali Trends 2023-2024
Indians prioritised taking care of themselves and fostering connections as they celebrated Diwali, which is not just the festival of lights but also the festival of life. They bought garden materials, indulged in toys, treats, and spa days, and showed love for their dogs. They displayed a tasteful fusion of tradition and modernity as they travelled and spent time with loved ones. The trends are as follows:
- Pet product purchasing rose by 63%, indicating a growing preference for furry friends. The warm displays of food and comfortable beds demonstrate India’s growing affinity with pets, demonstrating that this trend transcends human bonds.
- As they invest in developing lush green spaces at home, gardening enthusiasts in India have experienced a 2.5x increase in festive expenditure compared to the Diwali season last year. This is indicative of a growing trend of people finding joy and comfort in nature.
- Indians are embracing mindfulness during the festive season, with book purchases and OTT platform transactions increasing by 50% and 56% compared to last year’s Diwali season, reflecting a growing desire for knowledge and entertainment.
- Despite the festivities of the holiday season, there has been a 27% increase in sales of fitness equipment and a 70% increase in dietician consultations, indicating a growing dedication to health and fitness.
- Online bookings for flight tickets increased by 3.2x compared to last year, while accommodation bookings jumped by 27%.
- The season also saw a 2.7x increase in online clothing purchases, a 35% rise in jewellery and watch transactions, and a 51% rise in offline transactions at jewellery stores.
- The demand for festive feasts led to a 41% surge in online food orders and a 23% increase in offline transactions at restaurants, showcasing the growing omnichannel experience in Indian dining experiences.
“It’s inspiring to see how we all have expanded our horizons this Diwali, from traditional celebrations to creating unique experiences,” said Razorpay Chief Operating Officer, Rahul Kothari.
Razorpay: An Omnichannel Payment Platform
Indian omnichannel payments and banking platform Razorpay provides cutting-edge solutions for Indian companies. It was founded in 2014 and offers millions of businesses technological payment options. Razorpay, which was founded by IIT Roorkee graduates, is the second Indian business to join Y Combinator, the biggest innovation accelerator in Silicon Valley.
Prominent investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard have contributed to Razorpay’s Series A to F fundraising. The organisation’s goal is to simplify commercial payments and banking in India.
With an emphasis on empowering both individuals and companies, Razorpay’s Diwali Trends Report showcases India’s changing celebration of life. The corporation wants to keep helping to create a better future for the country.
Cover Image Credit: Instagram/@razorpay & Canva Pro
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