How will India spend money in 2023?Report reveals financial habits

Razorpay’s analysis reveals interesting spending trends on specific days

Razorpay, a leading financial solutions company, has released its annual payments report, providing data on the spending habits of Indians in 2023. The report analyzed more than 1 billion transactions conducted on its platform between April 1, 2023 and March 31, 2024, revealing where Indian consumers spend their money.

How will India’s money be spent in 2023?

Razorpay’s report titled “Wealth, health and wanderlust”, showing a greater financial awareness in India, with savings and investments growing significantly in FY2024. Mutual fund investments grew by 86% compared to FY2023.

Reports show growing interest in trading, with transaction value increasing by 62%. Insurance payments also increased 56%.

Indians prioritize leisure activities, and diversified transactions increased significantly by 42%. Blockbusters such as “Jawan”, “Barbie” and “Oppenheimer” contributed to the surge. Ticket agency sales increased 2.7 times.

People also spent a lot of money on travel during this period. In fiscal year 2024, air travel costs increased by 2.4 times, and travel accommodation expenditures soared by 29%.

The report also shows a growing focus on health and wellness. In 2023, nutritionist spending increased by 125%.

Indians also spend money on celebrations. New Year’s Eve is a big day for online food orders, with average daily orders doubling and restaurant dining increasing by 60%. People splurged on gold during Dhanteras and Diwali, with the maximum amount being more than nine times the daily average, the report said.

Razorpay’s analysis reveals interesting spending trends on specific days. On April Fool’s Day, the bookstore was extremely busy, and the transaction volume in the store exceeded the average daily transaction volume by more than three times. India’s World Cup match against Australia on November 19 saw taxi fares fall by 28% between 2pm and 10pm as millions of people watched the match from home.