When it comes to wealth creation and securing one’s financial future, it seems this issue is dominating the minds of Indians. According to a new report put out by the fintech unicorn, Razorpay, investments in mutual funds surged by an impressive 86% and insurance payments witnessed a significant 56% growth for the period FY24. Additionally, trading experienced a 62% jump in value, reflecting a newfound maturity among Indian investors who are actively planning for tomorrow.
The report, which is based on over a billion transactions processed on the Razorpay platform, also showed that apart from financial wealth, health and wellness was another space that dominated the minds of Indians. Spending on dieticians surged by a remarkable 125%, indicating a growing emphasis on healthy eating habits. Moreover, transactions in health coaching saw a significant 45% increase, showcasing a clear interest in fitness guidance. Sales of health products also surged by 39%, underlining a growing trend towards preventive healthcare.
According to the report, the third tier which saw a huge surge in consumer spending was the travel and entertainment segment. As per Razorpay’s data, air travel surged by 2.4 times and spending on travel accommodations soared by 29%. Meanwhile, multiplex transactions witnessed a staggering 42% increase in volume, reflecting Indians’ love for cinematic experiences. From blockbusters like ‘Jawaan’ to the whimsical ‘Barbenheimer,’ and from ‘Animal’ to the action-packed ‘Salaar,’ Indians embarked on a massive cinematic journey.
In FY24, as per Razorpay’s data, e-learning experienced a remarkable 33% growth in volume. Indians also showed a keen interest in digital education, with spending on distance education increasing by 19%. Payments to vocational schools grew threefold, indicating a strong desire to gain practical skills for a better future.
Talking about the trends highlighted in the report, Shashank Kumar, MD & Co-founder, Razorpay said, “Indian consumers are evolving rapidly, encouraging brands to revolutionize their customer engagement strategies across all touchpoints. This highlights the growing importance of omnichannel approaches, requiring a robust payment infrastructure for seamless customer experiences. One of our recent surveys found that 96% of Indian shoppers want a seamless experience whether they’re shopping online or in-person.”