- During the FIFA World Cup final, the number of food transactions per hour increased to 1.7x the average.
- Shah Rukh Khan starrer Pathan resulted in a significant 70% increase in multiplex trades compared to the daily average.
- Spending on airline tickets increased by 83%, while spending on hotel stays almost doubled in value.
It was the day of the FIFA World Cup Final between Lionel Messi’s Argentina and France on December 18, 2022. The nerve-racking match made many nervous Indians rush to order food online. That day, between 8:30 p.m. IST and midnight, the number of food transactions per hour increased to 1.7 times the average — making it the fourth-busiest Sunday of FY23, according to a report from Razorpay.
Payment solutions provider Razorpay analyzed more than a billion transactions processed on its platform between April 1, 2022 and March 31, 2023 to find out how, when and on what Indians spend.
The Khan-Kohli Effect
Competitions don’t always bring the moola. On 23 October 2022, Virat Kohli took to the Adelaide cricket ground and stunned the crowd with his exceptional performance between 3:30pm and 5:15pm IST – a match that propelled India to the semi-finals of the T20 World Cup. That day, as India held its breath, the total value of
Along with cricket, cinema has always had the greatest influence on Indians. When Shah Rukh Khan’s highly anticipated film Pathan was released, a large number of moviegoers left their OTT and other screens at home to return to the white screens. The film grossed over ₹1,000 crore worldwide, increasing multiplex trades by as much as 70% compared to the daily average.
Rahul Kothari, chief business officer, Razorpay, says: “FY23 has been a year of hope, resilience and rejuvenation for India, with strong growth in transactions across sectors as people revive old, forgotten joys of life. digital age and how they use new payment technologies to connect, collaborate and transact.”
Back to the office, bad for broadband
Indian businesses were spending significantly more time away from home, with co-working spaces experiencing a staggering 245% increase in transactions and payments for taxi services increasing sevenfold.
However, the main change observed was that broadband spending fell by almost 80%.
According to transactions processed on Razorpay’s offline payment platform, Ezetap, dining out spending increased 2.5 times in FY23 and transaction volumes increased 162% compared to the previous fiscal year.
Offline shopping, online spending
Indian consumers have returned to physical stores and shopped extensively. According to transactions processed on Razorpay’s offline payment platform, Ezetap, in-store payments have increased in value by 88% and transactions have more than doubled in most major cities.
Spending on clothing (127%), jewelry (88%), electronics (60%) and groceries (46%) have experienced significant growth.
The top five cities with a sharp rise in in-store payments are Gurugram (160.93%), Pune (153.7%), Bengaluru (145%), Chennai (107.8%) and Kolkata (106% ).
The
