Indian Consumer Spending is Evolving: Focus Shifts to Experiences and Convenience, Premium Goods in Demand
मुख्य बातें
- •Indian consumer spending is now centered on experiences, convenience, and premium products rather than just essentials.
- •Spending on live events, OTT platforms, premium smartphones, and international travel has seen rapid growth.
- •Companies like Apple are expanding rapidly in India, while traditional consumer product growth has slowed.
- •Rising inflation, rent, and EMI burdens are putting pressure on savings and discretionary spending.
India’s consumer spending patterns are undergoing rapid transformation. Consumers are no longer limiting their purchases to essentials like groceries, TVs, refrigerators, or two-wheelers. Instead, they are increasingly spending on digital services, premium smartphones, OTT platforms, international travel, and lifestyle upgrades. According to a report titled *The Great Consumption Shift* by Kotak Mutual Fund, India’s market is now shifting from a needs-based model to one driven by experiences and convenience, significantly altering the country’s consumption patterns.
Previously, a large portion of earnings went towards FMCG products, home appliances, two-wheelers, and domestic travel. Today, that picture has changed dramatically. Consumers are now prioritizing experiences—live events, digital entertainment, OTT platforms, gaming, premium gadgets, and online services. The report highlights that the number of ticketed live events in the country reached nearly 19,000 in 2022 and is projected to rise to 34,000 by 2025. The market size for this industry has already grown to ₹20,861 crore, underscoring the growing preference for buying experiences over material goods.
