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As India prepares for Diwali 2024, Razorpay’s Diwali Trends Report reveals an intriguing shift in consumer spending, with a growing focus on health, wellness, and pet care during the festive season. The analysis, based on over 900 million online and offline transactions across Razorpay’s PG and POS platforms, highlights a significant change in how people are celebrating the festival of lights.
The report, comparing transactions from 1st September to 1st November 2024 to the same period last year, shows that while traditional Diwali spending remains strong, there has been a marked increase in health and lifestyle-related purchases, reflecting broader changes in consumer habits.
Here are the key findings from Razorpay’s report:
- Health and Wellness Surge: There was a notable 70% increase in dietician consultations during this festive season, highlighting the growing importance of health management among consumers. Sales of fitness equipment also saw a rise, increasing by 27%, as many turned their attention to physical well-being during the Diwali season.
- Pet Spending Continues to Grow: Reflecting the country’s growing affection for pets, spending on pet products surged by 63% this Diwali, with Indian pet owners purchasing everything from premium treats to toys and even pet spa services.
- Gardening Boom: Spending on garden supplies grew 2.5 times compared to last year’s Diwali season. As many consumers look to create calming, green spaces at home, this trend further emphasises a desire for relaxation and nature within the home environment.
- Mindful Entertainment: Alongside festive shopping, many Indians sought quiet and enriching experiences. Book purchases increased by 50%, while OTT platform subscriptions surged by 56%. This suggests that, amid the celebrations, there is a rising preference for mental nourishment and relaxation.
- Fashion and Travel Take Off: Fashion and travel remain important facets of Diwali celebrations. Flight ticket bookings saw a 3.2x increase, while accommodation bookings rose by 27%, indicating a growing appetite for travel. Clothing purchases surged by 2.7 times, and there was a 35% rise in online jewellery and watch transactions. The trend was also reflected in a 51% increase in offline purchases at jewellery stores.
- Festive Dining: There was a 41% increase in online food orders, while offline restaurant transactions also rose by 23%. This reflects a shift towards dining out and ordering in, adding to the festive experience beyond home-cooked meals.
Commenting on the findings, Rahul Kothari, Chief Operating Officer at Razorpay, said, “Our Diwali Payment Trends Report highlights the diversity of how Indians are celebrating this season. From health and wellness to travel and fashion, this year’s Diwali reflects the nation’s evolving aspirations. It’s exciting to see how our platform has facilitated such varied experiences, enabling seamless transactions across different sectors.”
Razorpay’s report also reflects the broader consumer trends in India, where celebrations are becoming more balanced, with an increasing focus on self-care, wellness, and experiences that blend tradition with modernity.
As the festival of Diwali draws to a close, Razorpay continues to play an integral role in empowering businesses to navigate the evolving demands of the festive season.
