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Tracking the financial behaviour of the consumers for the 2nd year in a row.
This study provides a comprehensive glimpse into the financial behavior and well-being of India's lower middle-class consumers, aged 18-55 years, across 17 cities, from major metros to lively small towns. With household incomes up to 5 lakhs per annum, these consumers exemplify aspiration and resilience, managing limited resources amid rising living costs. Their innovative budgeting techniques and creative solutions provides valuable insights into the evolving socio-economic dynamics of modern India.
Key highlights of the insights from the study are:
The buoyancy in consumer sentiment with an increasing number of consumers experiencing either heightened or stable earning capacities in 2024 vis-à-vis 2023.
A significant portion of household budget goes towards essentials like food and lodging. Education is another major expense, which takes a significant chunk of the wallet.
UPI, a game-changer in India's digital payment landscape with its no-fee structure, has revolutionized consumer transactions and paved the way for a cashless economy; however, many consumers intend to discontinue using UPI if charges are introduced.
The Great Indian Wallet Study 2024
of consumers saw an increase in their income in the current year compared to the previous year.
of consumers anticipate an increase in their incomes by next year.
of consumers express intentions to save and invest more in the coming year.
of consumers’ income is spent on food and lodging, with lodging costs rising by 18% in the last year.
of a consumer’s wallet is spent on education, which has become 51% more expensive.
of consumers can save money after incurring their monthly fixed expenses.
of consumers intend to discontinue using UPI if charges are introduced.
of consumers expressed interest in using Credit on UPI in the future.
of consumers foresee potential usage of UPI Lite.
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