June 22: A recent market outlook suggests that by 2030, consumers in India are likely to spend more on travel, hospitality, and experiential services than on physical goods, reflecting a major shift in lifestyle and consumption patterns.
The report indicates that rising incomes, changing preferences among younger consumers, and increased access to digital travel platforms are driving stronger demand for experiences such as tourism, hotel stays, leisure activities, and curated travel services.
It notes that the growing emphasis on experience-based consumption marks a structural change in spending behaviour, as consumers increasingly prioritise memories, convenience, and personalised services over traditional material purchases.
The travel and hospitality sectors are expected to benefit significantly from this trend, supported by improved infrastructure, expansion of domestic tourism, and greater affordability of travel options. The rise of online booking platforms and digital payment systems has also made travel planning more accessible.
Experts say this shift is being led by millennials and Gen Z consumers, who are more inclined toward experiential lifestyles, including short trips, wellness tourism, and cultural experiences.
However, analysts also caution that economic conditions, inflation trends, and global uncertainties could influence the pace of this transition over the coming years.
Overall, the outlook highlights a long-term transformation in India’s consumption landscape, with services and experiences expected to play an increasingly dominant role in household spending by 2030.
