Razorpay has come up with a Diwali Trends Report – an analysis and comparison of over 700 million transactions conducted on the Razorpay platform, between 2022 and 2023. The insights are based on the purchasing trends and patterns from the two months leading up to Diwali, each year: September and October in 2023 Vs August and September in 2022.
Elaborating on the insights, Rahul Kothari, chief operating officer, Razorpay said, “Our Diwali Payment Trends Report reflects how India, with its diverse market, unites during festivals. It’s like a shared rhythm in omnichannel transactions that connects every part of our culturally diverse nation, bringing online and offline customers together. It is a remarkable feat to see how Indians have widened their horizons from investing solely in physical goods to now also investing in gaining immersive and invaluable experiences. As our customers’ trusted payments partner, we are happy to have played a small yet significant role in their growing business trajectory, and we will continue to celebrate their success with a radiant spirit, enabling them to achieve more with less.”
Keeping up with the fe(a)stivities, 48 percent increase in transactions at restaurants: Adding a new layer of feasts to the season’s festivities, dining out, and savoring culinary experiences have become an integral part of festive preparations. This ‘dine and delight’ rush led to 48 percent increase in transactions at restaurants, showcasing how our dining tables have expanded beyond homes, enriching our Diwali experience and making it all the more special. This festive season recorded a 40 percent increase in dining out experiences.
Balancing between dumbbells and diyas, 137 percent rise in dietician services, and 42 percent increase in the sales of fitness equipment: Taking self-love and self-care a notch higher, Indians have begun investing in themselves like never before. Decked up to look picture-perfect for the festival of lights, netizens approached a more healthy and holistic lifestyle, leading to a 137 percent rise in dietician consultancy services, and a 42 percent increase in sales of fitness equipment. 20 percent of all spending on fitness and dietitians in 2023 took place during the festive season.
Ensuring the grandeur of Diwali remains intact, 137 percent increase in sales of jewelry: While the winds of change may have swept through Diwali celebrations, the traditions of celebrating this festive season continued to be in line with India’s roots and vibrant culture. Igniting the true spirit of Diwali’s grandeur, a soaring 137 percent increase in sales of jewellery; a 32 percent increase in sales for fashion and lifestyle brands; and a 56 percent increase in sales for women’s clothing, were noted during the festive season in 2023.
Looking for not just goods but also good times, increase in flight tickets and holiday bookings: Instead of indulging solely in shopping sprees, Indians invested in exploring new destinations, hinting at the desire for richer experiences. Diwali also became the festival of flights with a 2x increase in spends on flight tickets and a 35 percent increase in spend on holiday accommodations.