Razorpay, a leading financial solutions company, has released its annual payments report, offering data about Indians' spending habits in 2023. The report analysed over a billion transactions conducted on its platform between April 1, 2023, and March 31, 2024, revealing the areas where Indian consumers spent their money.
How India spent its money in 2023?
Razorpay's report, titled “Wealth, Wellness, and Wanderlust”, shows a more financially conscious India, with savings and investments witnessing significant growth in the financial year 2024. Mutual fund investments went up by 86% compared to the financial year 2023.
The report shows a growing interest in trading, with a 62% increase in trading value observed. Insurance payments also saw an uptick of 56%.
Indians prioritised leisure activities, with multiplex transactions witnessing a substantial 42% growth. Blockbuster movies like "Jawan", “Barbie” and "Oppenheimer" contributed to this surge. Ticket agencies saw a 2.7x jump in sales.
People also spent a significant amount on travelling, during this period. Payments for air travel went up 2.4 times, and spending on travel accommodations soared by 29% in FY24.
The report also shows a growing focus on health and wellness. Spending on dieticians have increased by 125% in 2023.
Indians also spent money on festivities and celebrations. New Year's Eve stood out as a significant day for online food orders, doubling the daily average, and restaurant dine-ins increased by 60%. People splurged on gold on Dhanteras and Diwali, peaking at over 9 times the daily average, according to the report.
Razorpay's analysis revealed interesting spending trends on specific days. April Fools' Day became unexpectedly busy for bookstores, with in-store transactions surpassing the daily average by over 3 times. India vs Australia's World Cup match on November 19 showed cab payments dropping by 28% between 2 and 10 pm, as millions tuned in to watch the game at their homes.
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