- As Dhanteras frenzy continues, Indians adorn themselves for the festive season, with a 35% surge in jewelry and watch spending and a 2.7x increase in clothing purchases
INDIA, Bengaluru, 7th November 2024: As the festive season of Diwali 2024 drew close, India painted a vivid picture of evolving traditions and a renewed zest for life. Razorpay, India’s Leading Omnichannel Payments and Banking Platform for Businesses is back with its Diwali Trends Report. This report is an analysis and comparison of over 900 million online and offline transactions conducted across Razorpay’s PG and POS platforms, between 2023 and 2024. The insights are based on the purchasing trends and patterns from the two months leading up to Diwali, each year: 1st September – 1st November 2024 Vs 12th September – 12th November 2023.
This Diwali, Indians celebrated not just the festival of lights but also the festival of life, prioritizing self-care and nurturing relationships, embracing a harmonious blend of tradition and modernity. They showered love on their pets and splurged on treats, toys, and even spa days. Gardening enthusiasts nurtured their green spaces, investing in garden supplies to create serene and beautiful environments. From indulging in culinary delights to catching flights, Indians traveled, reflected on a treadmill or with a book, and spent time with their loved ones.
Here are some of the key insights from the report:
- Diwali Delights for Pets: 63% Surge in Festive Spending on Pet Products Reflects India’s Growing Love for Furry Companions – This Diwali, Indians extended their love beyond human bonds, showing a remarkable 63% increase in spending on pet products compared to last year’s Diwali season. From tasty treats to cozy beds, furry companions were showered affectionately, highlighting India’s deepening bond with pets.
- Nurturing Nature: Gardening Sees 2.5x Growth in Festive Spending – Gardening enthusiasts also embraced the festive spirit, with spending on garden supplies soaring 2.5x compared to last year’s Diwali season. Indians invested in creating lush and serene green spaces at home, reflecting a growing trend of seeking solace and joy in nature.
- Turning Over a New Mindful Page, Balancing Entertainment and Knowledge – Amidst the festive fervor, Indians sought solace in quiet moments. In comparison to last year’s Diwali season, book purchases rose by 50%, and OTT platform transactions surged by 56%, reflecting a growing desire for knowledge and entertainment. Whether losing oneself in a captivating novel or binge-watching a favorite series, Indians embraced mindful activities that nourished their souls.
- Working Out a Fitter India: 70% Surge in Dietician Consultations Highlights India’s Commitment to Health- This festive season witnessed a remarkable rise in health and fitness awareness across India, with dietician consultations spiking by 70% and fitness equipment sales up by 27% in comparison to last year’s Diwali season. Indians placed strong emphasis on physical and mental well-being, reflecting a growing commitment to maintaining a healthy lifestyle, even amidst celebrations.
- Embracing Diwali Through the Many Ways of Self-indulgence – Indians embraced a holistic approach to life, balancing travel, fashion, and culinary experiences. Compared to last year’s Diwali season, flight ticket online bookings witnessed a 3.2x increase, and accommodation bookings jumped by 27%, highlighting the nation’s desire to explore new horizons. This Diwali season also saw a stylish twist to the celebrations, with Indians indulging in fashion and culinary delights. Online clothing purchases surged by 2.7x as people embraced new festive attire. Adding sparkle to the festivities, jewelry and watch online transactions rose by 35% and the evolving omnichannel experience further fueled this trend, with a 51% rise in offline transactions at jewelry stores. Meanwhile, a craving for festive feasts sparked a 41% surge in online food orders, while the ‘dine and delight’ rush led to a 23% increase in offline transactions at restaurants, highlighting how our dining experiences have expanded beyond home kitchens and into the vibrant ambiance of eateries.
Elaborating on the insights, Rahul Kothari, Chief Operating Officer, Razorpay said, “Our Diwali Payment Trends Report reflects the vibrant pulse of how diverse we Indians are. It’s inspiring to see how we all have expanded our horizons this Diwali, from traditional celebrations to creating unique experiences. This year’s Diwali was more than just a festival; it was a mirror reflecting the nation’s evolving aspirations. From indulging in culinary delights to exploring new destinations, we Indians embraced a holistic approach to life, blending tradition with innovation. At Razorpay, we’re proud to have played a small yet significant role in powering these experiences, enabling seamless transactions, and empowering businesses to thrive in this dynamic landscape.”
As the festival of lights concludes, Razorpay’s Diwali Trends Report reflects India’s evolving celebration of life. With a commitment to empowering businesses and individuals, Razorpay looks forward to continuing to play a role in the nation’s journey toward a brighter future.
