Consumer Spending in India and Shopping Patterns
18th Feb 2023
Consumer spending in India amounted to over 23,216 billion rupees by the end of January 2022 (Fun fact – You could buy more than 8,000 Antillas with that money), making a sizable recovery from the pandemic lockdown period where it was at 14,611 billion. Yes, that’s a LOT of money. But how did consumers spend it?
Online transactions have shown massive growth over the last couple of years, but ignoring the entrenched behaviors around purchase channels would be unwise.
So how did Indian consumers spend their money? Well, it was a mixed bag!
While online shopping soared, it’s worth noting that only 12% of the thousands of people surveyed by Rakuten Insight, an online market research expert, said they shopped exclusively online. 5% said that it was solely offline.
Well, what about the rest? The majority was comfortable with either shopping mode, with some expressing concerns around safety.
To serve the nation’s shopping requirements, it is essential to build products that will benefit both these sections of customers. Both in offline as well as online domains.
Stay tuned for more updates on how we plan to serve our customers with new offerings in the coming days.
