Indians are splurging more on air travel, dining out amid the global downturn

New Delhi: Defying the global downturn trend and ongoing layoffs, Indians are now spending a lot more online on purchasing flight and movie tickets and dining out with families, a report showed on Tuesday.

In the fiscal year 2023, consumer spending on flight tickets soared by 83 percent, and expenses on hotel accommodations nearly doubled in value.

Online travel aggregators saw a massive 224 percent increase in transaction value in the April 2022–March 2023 period, according to the report by full-stack payments and banking platform Razorpay.

Consumer spending on movies saw a whopping 173 percent growth, and the launch of the movie 'Pathaan' resulted in a massive 70 percent jump in multiplex transactions over the daily average.

The co-working spaces also witnessed a massive 245 percent increase in transactions, while the number of payments made for taxi services grew seven times as pandemic fear eased.

"FY23 has been a year of hope, resilience, and rejuvenation for India, with a sharp growth in transactions across sectors as people rekindled old, forgotten joys of life. It also showed how Indians have embraced the digital age," said Rahul Kothari, Chief Business Officer, Razorpay.

However, the biggest shift was that broadband spending dropped by almost 80 percent, as the report mentioned.

In FY23, spending on dining out increased by 2.5 times, and transaction volumes jumped by 162 percent in comparison to the previous financial year.

As per transactions held on Razorpay's offline payments platform, Ezetap, in-store payments grew 88 percent in value and transactions more than doubled in number across most metros, the report said. (IANS)

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