A recent report from the brokerage firm CLSA points out a significant transformation in the spending habits of the young Indians. While tradiditional sectors like quick service restaurants (QSRs) and fast-moving consumer goods (FMCG) are experiencing sluggish sales, young consumers are increasingly prioritising experiences over products.
This recent trend also showcases a shift from mundane purchases to memorable adventures.
As per the CLSA report, it is interesting to note the spending of Indian youths in the recent era. The data shows a striking contrast. As per the data, while QSR sales have seen only modest growth, spending on experiences such as concerts, travel, and dining out has increased among the Indian youth.
The brokerage firm noted that the upcoming concerts featuring international stars such as Diljit Dosanjh, Dua Lipa, Bryan Adams, and Coldplay are projected to generate an astonishing Rs 350-400 crore. This staggering amount represents over 40 per cent of the incremental quarterly sales of major QSR players.
Concert Frenzy: Tickets Flying Off the Shelves
The excitement around these concerts among young Indians is palpable.
The tickets for Dua Lipa and Bryan Adams sold out almost instantly, with Diljit Dosanjh's 'Dil-Luminati' tour selling over 250,000 tickets at an average price of USD 90 (approx Rs 7,000 to Rs 8,000 as of now).
Reports highlights that over 100,000 fans are in line for tickets priced between USD 50 and USD 400 (on an average Rs 4,000 to Rs 34,000). This also highlights about the increasing willingness to splurge on live entertainment.
Apart from this, the resale market fot this is also booming, an another intriguing factor to note. The resale ticket value for the concerts is also in demand fetching the prices up to five times the actual cost of the ticket.
The brokerage firm CLSA also added in its report that despite the growth in the pizza sedment as of the Zomato data, the food chains like Domino's and McDonals are losing its ground to local competitors. Adding an another layer to the evolving consumer, the fast food giants are struggling hard to keep up their market share.
Although, this trend does not end here. The changing changing spending habit of young Indian was also notable in the IPL and World Cup matches ticket sale which at the time saw a tremendous demand.
