Omnichannel Payments and Banking Platform Razorpay has released its 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 purchasing trends and patterns from the two months leading up to Diwali – September and October in 2023 versus August and September in 2022.
Key insights from the report:
- There was a 48 pc rise in transactions at restaurants, and the festive season saw a 40 pc increase in dining out experiences.
- There was a 137 pc rise in dietician services, and 42 pc increase in sales of fitness equipment. 20 pc of all spending on fitness and dietitians in 2023 took place during the festive season.
- Sales of jewellery also jumped 137 pc while sales for fashion and lifestyle brands rose 32 pc and sales of women’s clothing increased 56 pc.
- Spends on flight tickets saw a 100 pc increase, and spends on holiday accommodations rose 35 pc.
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.”
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