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A recent analysis has revealed a notable divergence from traditional consumer behaviour patterns typically observed during Diwali. Noteworthy trends indicate a 2x surge in expenditures on flight tickets and a 35 per cent increase in spending on holiday accommodations. This, stated the report, showcases a significant inclination among consumers towards experiential spending rather than solely on material goods.
Razorpay, India’s omnichannel payments and banking platform, has unveiled its Diwali Trends Report, shedding light on pivotal shifts in consumer spending habits during the festive season.
This data reflects a broader consumer sentiment favouring experiences over possessions, indicative of a strategic shift towards seeking richer, more meaningful engagements. The report mentioned that the Diwali period became emblematic of a shift towards experiential consumption, as evidenced by not just the increased travel to varied destinations but also the heightened interest in dining out experiences.
The report underscores the evolving role of dining experiences within the festive milieu. The surge in dining-out activities contributed substantially to a 48 per cent increase in restaurant transactions, where dining experiences expanded beyond the confines of home. Overall, this festive season recorded a 40 per cent increase in dining out experiences, the report stated.
Additionally, the 2023 festive season witnessed a significant surge of 150 per cent in expenditure at amusement parks, along with a 62 per cent rise in transactions within these recreational venues, underlining the growing interest in experience-based entertainment.
The state saw a significant surge in foreign tourist arrivals, reaching 4,47,327 in the first nine months of 2023, up from 2,06,852 during the same period in the previous year. Ernakulam led in attracting foreign tourists, followed by Thiruvananthapuram, Idukki, Alappuzha, and Kottayam. The state is also set to host its first focused Tourism Investors Meet (TIM) starting this afternoon.
“Our Diwali Payment Trends Report reflects how India, with its diverse market, unites during festivals. Its like a shared rhythm in omnichannel transactions that connects every part of our culturally diverse nation, bringing online and offline customers together. It is a remarkable feat to see how Indians have widened their horizons from investing solely in physical goods to now also investing in gaining immersive and invaluable experiences,” stated Rahul Kothari, Chief Operating Officer, Razorpay, expressing happiness to have played a small yet significant role in the growing business trajectory. Razorpay’s report draws insights from an extensive analysis of over 700 million transactions conducted on its platform between 2022 and 2023, specifically focusing on purchasing behaviours in the two months leading up to Diwali each year.
As Diwali 2023 wraps up, Razorpay’s Diwali Trends Report points towards a growing preference for experiential consumption and the evolving landscape of festive season spending in India.
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