Young Indians are shifting away from splurging on traditional retail and fast-moving consumer goods (FMCG), as per brokerage firm CLSA's latest report. They are increasingly spending on events, eating out, travel, luxury and premium goods, cheap fashion, cosmetics and consumer appliances and electronics, indicating that consumption patterns are changing, the report noted. It also highlighted that major upcoming concert splurges alone pumped in over Rs 350 crore to Rs 400 crore in about a month, which is almost 40% of what some listed quick-service restaurants make in a quarter.
The report indicates that millennials and Gen Z are choosing new avenues to spend - on experiences, fast fashion, cosmetics, and premium gadgets. To strengthen its argument, the report highlighted that ticket sales of four major upcoming concerts - Coldplay, Diljit Dosanjh, Dua Lipa and Bryan Adams - sold out rapidly, raking in a staggering Rs 350-400 crore.
Not just the concerts, tickets for IPL (Indian Premier League) and World Cup matches also witnessed strong demand in the near past, further highlighting the booming demand for experiences, the company noted.
Further, according to the report, while the quick-service restaurants (QSRs) are struggling, Zomato and Swiggy continue to see growth. Zomato's food delivery business has grown over 25% for several quarter-on-quarter, compared to the single-digit growth of QSRs.
MakeMyTrip and Nykaa are also thriving, the CLSA noted. Beauty gross merchandise value (GMV) on Nykaa rose 28%, airline tickets on MakeMyTrip grew 29%, and Trent's fashion segment saw a 22% growth in the first quarter of fiscal 2025, the brokerage firm said.
Also Read | BookMyShow Files Police Complaint Against Sale Of "Fake Tickets" For Coldplay's India Tour
Meanwhile, the report comes after tickets for the Coldplay concert sold out within minutes of opening. According to reports, the server of the BookMyShow website and app on Sunday crashed as it opened the sale for the British band's concerts scheduled for next year. This prompted the band to add a third show to the Mumbai leg of its "Music Of The Spheres World Tour 2025".
According to the platform's website, all three shows are sold out now.
The Coldplay India concert will take place next year on January 18,19 and 21 in Mumbai. The band is returning to India after 8 years. Their last performance in India was at the Global Citizen Festival in 2016.
