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Mutual fund investments soar 86% in FY24, insurance premium payments up 56%: Report
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Razorpay, an omnichannel payments and banking platform for businesses, analysed over a billion transactions processed on its platform between April 1, 2023, and March 31, 2024, to derive these insights. Here’s more on what the report found about Indian consumers’ behaviour.
Mutual fund investments surged 86% in FY24, while insurance payments grew 56%, a recent report from Razorpay revealed. Additionally, trading saw a 62% jump in value, according to the report.
Razorpay, an omnichannel payments and banking platform for businesses, analysed over a billion transactions processed on its platform between April 1, 2023, and March 31, 2024, to derive these insights.
According to the report, these findings suggest the emergence of a more mature India, one that actively seeks to balance present-day expenditures with future financial security.
The report also highlighted other notable trends of the last financial year.
Indians displayed a growing emphasis on holistic wellness, with spending on dieticians increasing by 125%, and a significant rise in transactions related to health coaching and preventive healthcare products.
Furthermore, the data revealed a continued enthusiasm for travel and entertainment, with increases in payments for air travel, travel accommodations, multiplex transactions, and ticket sales for cinematic experiences.
Education also emerged as a priority, with growth in e-learning, distance education, and payments to vocational schools, Razorpay said.
Razorpay also pointed out specific days that stood out in terms of consumer spending patterns, such as April Fool’s Day, Dhanteras, and significant sporting events like the World Cup 2023.
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