TXNs at Restaurants Up 48%, Jewelry Sales 137%

Diwali 2023 Takes Off with 2x Flight Ticket Splurge and a 35% Jump in Holiday Accommodations; Dhanteras Gold Rush Keeps Up Its Momentum

Razorpay's Diwali Insights 2023

Rahul Kothari, Chief Operating Officer, Razorpay

FinTech BizNews Service   

Mumbai, November 21, 2023:  With the country having celebrated the grandiose of Diwali in absolute excitement and abundance, 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 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.  

From embarking on several journeys to destinations and their homes both near and far to indulging in culinary delights and savoring the rich experience of dining out, Indians are now redefining how festivals are celebrated, paving the way for the rise of a new economy, the Experience Economy. Here are some of the key insights from the report: 

• Keeping Up With the Fe(a)stivities, 48% 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 our festive preparations. This ‘dine and delight’ rush led to a whopping 48% 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. Followed by the aroma of delicious dishes and the ambiance of restaurants, this festive season recorded a 40% increase in dining out experiences. 
• Balancing Between Dumbbells and Diyas, 137% rise in dietician services, and 42% 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. It wasn’t just the irresistible sweets and mouth-smacking savories that made the rounds, but Indians were also focusing on their physical and dietary well-being. Decked up to look picture-perfect for the festival of lights, netizens approached a more healthy and holistic lifestyle, leading to a 137% rise in dietician consultancy services, and a 42% increase in sales of fitness equipment. 20% of all spending on fitness and dietitians in 2023 took place during the festive season.  
• Ensuring the Grandeur of Diwali Remains Intact, 137% 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% increase in sales of jewellery; a 32% increase in sales for fashion and lifestyle brands; and a 56% 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. In its new avatar, Diwali also became the festival of flights with a 2x increase in spends on flight tickets and a 35% increase in spend on holiday accommodations. 

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.” 

As Diwali 2023 wraps up, Razorpay's Diwali Trends Report illustrates India's shift towards experiences. With a commitment to enabling seamless transactions, we look forward to catalyzing continued success for businesses and individuals in the evolving landscape.