Whoever said that “Money can’t buy happiness” must be someone who didn’t know where to go shopping. From the time currencies came into existence, people haven’t stopped shopping. Shopping has evolved over the years and physical money has been replaced by debit/ credit cards, online banking and mobile transfers and so on. Shopping that started with food and clothing, has now gone far beyond the basic needs.
Indians are not any different from the rest of the world when it comes to spending large amounts of money shopping for goods and services on a daily basis. The major sectors where Indians spend their money are clothing, footwear, eating outside and online shopping.
Indians spend more than double the amount money on grand weddings than they spend on higher education in India says a survey. The trend in spending on consumer services (entertainment, conveyance, health, travel) and other non-essential expenditure has seen an exponential increase.
With growing disposable income, the spending habits of Indians are changing. Also, factors like the increasing younger population, change in attitudes towards shopping and change in priority from price consideration to design, quality and trendiness contribute to the current spending trends of Indians.