A recent analysis has revealed a notable divergence from traditional consumer behaviour patterns typically observed during Diwali. Noteworthy trends indicate a 2x surge in expenditures on flight tickets and a 35 per cent increase in spending on holiday accommodations. This, stated the report, showcases a significant inclination among consumers towards experiential spending rather than solely on material goods.
Razorpay, India’s omnichannel payments and banking platform, has unveiled its Diwali Trends Report, shedding light on pivotal shifts in consumer spending habits during the festive season.
This data reflects a broader consumer sentiment favouring experiences over possessions, indicative of a strategic shift towards seeking richer, more meaningful engagements. The report mentioned that the Diwali period became emblematic of a shift towards experiential consumption, as evidenced by not just the increased travel to varied destinations but also the heightened interest in dining out experiences.
The report underscores the evolving role of dining experiences within the festive milieu. The surge in dining-out activities contributed substantially to a 48 per cent increase in restaurant transactions, where dining experiences expanded beyond the confines of home. Overall, this festive season recorded a 40 per cent increase in dining out experiences, the report stated.
Additionally, the 2023 festive season witnessed a significant surge of 150 per cent in expenditure at amusement parks, along with a 62 per cent rise in transactions within these recreational venues, underlining the growing interest in experience-based entertainment.
The state saw a significant surge in foreign tourist arrivals, reaching 4,47,327 in the first nine months of 2023, up from 2,06,852 during the same period in the previous year. Ernakulam led in attracting foreign tourists, followed by Thiruvananthapuram, Idukki, Alappuzha, and Kottayam. The state is also set to host its first focused Tourism Investors Meet (TIM) starting this afternoon.
“Our Diwali Payment Trends Report reflects how India, with its diverse market, unites during festivals. Its 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,” stated Rahul Kothari, Chief Operating Officer, Razorpay, expressing happiness to have played a small yet significant role in the growing business trajectory. Razorpay’s report draws insights from an extensive analysis of over 700 million transactions conducted on its platform between 2022 and 2023, specifically focusing on purchasing behaviours in the two months leading up to Diwali each year.
As Diwali 2023 wraps up, Razorpay’s Diwali Trends Report points towards a growing preference for experiential consumption and the evolving landscape of festive season spending in India.
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In a remarkable development, international arrivals in India during the Diwali festival period have witnessed a substantial 11 per cent surge compared to the previous year, according to a report. This surge underscores India’s increasing appeal as a global tourism hotspot, attributed to improved infrastructure, enhanced travel accessibility, and the country’s diverse cultural and natural attractions.
A noteworthy contributor to this influx is the Indian diaspora, playing a pivotal role in the surge of international arrivals. Diaspora members extend their stay in their homeland for an average duration of 7 to 10 days before embarking on their international journeys. This trend reflects a growing connection and interest among the diaspora to rediscover their roots, delve into their homeland, and immerse themselves in the cultural richness of India during the festive Diwali season.
This extended stay allows the diaspora to participate in Diwali festivities actively and provides ample time to explore various regions of India, from vibrant cities to serene countryside, fostering a deeper sense of cultural exchange and connection.
Family leisure travel witness growth
Meanwhile, as Thanksgiving approaches, Florida emerges as a favoured destination for domestic leisure travellers, with Orlando and Fort Lauderdale topping the list of highest arrivals. Other popular US destinations include New York, Las Vegas, and Los Angeles, according to data and insights from Adara.
Top origins for international travellers
The top source markets for international arrivals in India during Diwali for leisure travel include Singapore, the USA, and Australia, constituting 60 per cent of all inbound flight bookings. Significant contributors also include Saudi Arabia, Canada, UAE, the UK, and Malaysia.
New research reveals that the outlook for APAC’s tourism market will continue to improve into 2024. In terms of overall value, the APAC region is projected to end 2023 at 68 per cent of the revenue generated in 2019. With regards to China, the World Travel Market report predicts the value of Chinese outbound travel could potentially be double the size of the United States by 2033.
Domestic travel hubs
Singapore, Melbourne, and Sydney stand out as the top origin cities for leisure travel to India during Diwali, with Riyadh, London, Kuala Lumpur, New York, and Toronto following suit. The busiest airports in India during this festive season are projected to be Mumbai, New Delhi, and Bengaluru, with Pune, Chennai, Ahmedabad, Hyderabad, Kolkata, Vasco da Gama – Goa, and Bhubaneswar airports also ranking among the top origins.Flight booking insights
An interesting revelation in flight bookings is that 67 per cent of bookings from the Philippines are for ticket prices under USD 200, followed by 47 per cent from Saudi Arabia and 45 per cent from the UAE. In contrast, 83 per cent of bookings from the U.S. are for tickets priced at more than USD 1000, with New Zealand sharing the same percentage.
On average, flights are booked 57 days in advance for international travel during Diwali. This extended booking window has seen a consistent rise since 2019, reflecting travellers’ confidence in flight take-offs and local travel policies. Additionally, the rise in airline ticket prices motivates travellers to secure their flights well in advance when prices are more economical.
As the festival season unfolds, these trends paint a vibrant picture of Diwali travel patterns and highlight the evolving dynamics of global travel preferences during festive seasons.
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