India saw a 20% increase in spends during Diwali compared to the previous quarter reported Walnut, a leading personal finance app based in India, suggesting strong consumer demand and “festive cheer.” ‘Tis the season! The app revealed interesting insights on consumers’ spending habits during this festive season based on its 7 million+ user’s data.
“We are delighted to see a positive shift in the consumer sentiment, which reflected in their spending habits this Diwali,” stated Walnut CEO and Co-Founder Amit Bhor, regarding the expenditure trends during Diwali. “We enable our users to keep a track of their expenses, thereby helping them to manage their expenditures efficiently.”
Delhi, Pune and Mumbai were sited as the top three cities that witnessed a significant increase in spends during Diwali. Delhi and Bengaluru recorded the highest average online shopping spends at INR 12,600 and 12,100 respectively, suggesting strong uptake of online shopping for festive household purchases. Out of the total domestic travellers during Diwali, 45% ended up booking last-minute tickets, while only 10% made advance bookings. On the day of Dhanteras, consumers in Delhi, Ahmedabad and Mumbai shopped the most. Lastly, consumers in Gujarat showed a higher demand for gold.
[clickToTweet tweet=”Increase! Diwali Spending Tracked @getwalnutapp @fintechinsider_ @crowdfundinside” quote=”‘We are delighted to see a positive shift in the consumer sentiment, which reflected in their spending habits this Diwali,’ stated Walnut CEO and Co-Founder Amit Bhor.”]
Founded in 2014, Walnut automatically tracks spending, bank and card balances, bill payments and split expenses within a group, without the need of bank passwords. The platform recently launched its lending product “Walnut Prime” which allows users to take small ticket consumption loans upto INR 1 lakh and instantly “Top-up” their bank account, and currently counts over 7 million users.
Earlier this year Walnut partnered with TechProcess Payment Services Ltd. (TPSL) to allow app users to freely transfer money across banks and cards, a move that enabled over five million of its users to send money instantly to anyone in India, using only their debit cards and bank accounts.