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In a testament to a growing commitment to healthy lifestyles, Indians have ramped up their expenditure on dieticians by a remarkable 125 per cent in the fiscal year 2024, a new report from Razorpay unveiled on Tuesday.
The report, which scrutinized over a billion transactions spanning from April 1, 2023, to March 31, 2024, shed light on the shifting spending patterns of Indian consumers. Alongside the surge in dietician consultations, health coaching transactions also saw a notable 45 per cent increase, indicating a burgeoning interest in fitness and wellness guidance among the populace.
Shashank Kumar, MD & Co-founder of Razorpay, highlighted the significance of these trends, stating, “There’s a noticeable emphasis on holistic well-being, as evidenced by a 39 per cent uptick in products related to preventive healthcare. This signals a collective shift towards expanding horizons while prioritizing health, affirming the adage that ‘health is truly wealth.’”
The report delved further into the financial behavior of Indians, revealing substantial growth across various sectors. Mutual fund investments surged by an impressive 86 per cent, while insurance payments witnessed a significant 56 per cent growth. Trading activities experienced a remarkable 62 per cent jump in value during FY24.
Aside from investments, the report also unveiled shifts in spending habits related to travel and entertainment. Payments for air travel surged by 2.4 times, while expenditure on travel accommodations soared by 29 per cent in the same period. Multiplex transactions witnessed a staggering 42 per cent increase in volume, with ticket agencies reporting a remarkable 2.7 times surge in sales.
“Indian consumers are evolving rapidly, encouraging brands to revolutionize their customer engagement strategies across all touchpoints,” Kumar remarked, underscoring the need for businesses to adapt to the changing preferences of the populace.
Moreover, the report highlighted the impact of seasonal trends on consumer behavior. Close to the New Year, aviation spending soared to nearly three times the daily average, indicating heightened travel activity during the festive period. On December 31 last year, online food orders doubled, and dine-ins surged to 60 per cent above the daily average, reflecting the celebratory spirit of the occasion.
As Indians continue to prioritize health and well-being while embracing new spending habits, businesses are compelled to tailor their offerings to align with evolving consumer preferences, ushering in a new era of consumer engagement and commerce.
