{"id":3086,"date":"2025-04-05T14:38:30","date_gmt":"2025-04-05T09:08:30","guid":{"rendered":"https:\/\/pinkpreneurs.in\/index.php\/2025\/04\/05\/how-india-is-becoming-a-nation-of-spenders-not-savers\/"},"modified":"2025-04-05T14:38:30","modified_gmt":"2025-04-05T09:08:30","slug":"how-india-is-becoming-a-nation-of-spenders-not-savers","status":"publish","type":"post","link":"https:\/\/pinkpreneurs.in\/index.php\/2025\/04\/05\/how-india-is-becoming-a-nation-of-spenders-not-savers\/","title":{"rendered":"How India is becoming a nation of spenders, not savers"},"content":{"rendered":"
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New Delhi, India:<\/strong> When Gurgaon-based couple Mukesh and Aditi Srivastava<\/strong> were zeroing on which car to buy, they were sure they wanted a mini-SUV in black and a sunroof. Even though this was almost 2-3 lakhs above their budget, they went ahead and booked themselves a shiny-new black Tata Harrier worth Rs.20 lakhs.\u00a0<\/span><\/p>\n

\u201cMy dad didn\u2019t agree with our decision.\u201d Mukesh agrees, \u201c He wanted us to go for the i20 or a smaller hatchback\u201d.\u201dWe wanted to buy something that suits our lifestyles- impromptu trips to the mountains or long drives with friends, experiences that we cherish forever. Kal kisne dekha hai?\u201d<\/span><\/p>\n

Just like the Srivastavas, a growing tribe of young people are embracing the You Live Only Once(YOLO) mindset, where experiences in the present are prioritized over saving for tomorrow.<\/span><\/p>\n

An import from the West, and amplified by social media, the YOLO mindset has seen young people splurging way beyond their means on luxury products and experiences, much to the disapproval of their parents.<\/span><\/p>\n

Many are enamoured by what they hear and see on social media or by their friends, taking exotic holidays, splurging lakhs for concert tickets, or just eating out way too often. They are doing this even as job growth remains slow, inflation is stubbornly high, and increments are not what they used to be.<\/span><\/p>\n

This \u2018live the moment\u2019 lifestyle has sparked countless debates online, both of empowerment and concern. Some boast about \u2018retiring\u2019 in a beachside home in Thailand after earning millions in the stock market, while concerned parents are searching for ways to help their children pay back the debts they incurred for experiences that were way beyond their means.<\/span><\/p>\n

With Millennials and Gen Z prioritizing instant gratification over financial stability, the \u201cquick commerce\u201d industry has expanded significantly, growing from practically nothing in 2018 to a current value of $2.3 billion (and still growing).\u00a0<\/span><\/p>\n

Brands have aligned their whole marketing around the \u2018If Not Now, then Maybe Never\u2019 narrative, where, short term discounts and offers enticing the youth to buy things that boost their self-images and offer unforgettable experiences. The ease of UPI and Buy Now, Pay Later credit options have helped here.<\/span><\/p>\n

The YOLO phenomenon has helped boost consumption in this gloomy economy, even at the cost of increasing indebtedness, mental health issues, addiction and a host of other consequences that follow mindless consumption patterns.\u00a0<\/span><\/p>\n

Though parents and policymakers have voiced their concerns, the government is yet to react to this. For them, more consumption equals more opportunity for taxes and that means more money to pay off debts. What about the hapless unemployed youth desperately looking to provide for his family? What about the parents trying to deal with their recently laid off son\u2019s alcohol addiction? Wait till the next election to find out.<\/span><\/p>\n

<p>The post How India is becoming a nation of spenders, not savers<\/a> first appeared on Hello Entrepreneurs<\/a>.<\/p><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

New Delhi, India: When Gurgaon-based couple Mukesh and Aditi Srivastava were zeroing on which car to buy, they were sure they wanted a mini-SUV in black and a sunroof. Even though this was almost 2-3 lakhs above their budget, they went ahead and booked themselves a shiny-new black Tata Harrier worth Rs.20 lakhs.\u00a0 \u201cMy dad […]<\/p>\n","protected":false},"author":1,"featured_media":3087,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[27],"class_list":["post-3086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worklife","tag-worklife"],"_links":{"self":[{"href":"https:\/\/pinkpreneurs.in\/index.php\/wp-json\/wp\/v2\/posts\/3086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pinkpreneurs.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pinkpreneurs.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pinkpreneurs.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pinkpreneurs.in\/index.php\/wp-json\/wp\/v2\/comments?post=3086"}],"version-history":[{"count":0,"href":"https:\/\/pinkpreneurs.in\/index.php\/wp-json\/wp\/v2\/posts\/3086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pinkpreneurs.in\/index.php\/wp-json\/wp\/v2\/media\/3087"}],"wp:attachment":[{"href":"https:\/\/pinkpreneurs.in\/index.php\/wp-json\/wp\/v2\/media?parent=3086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pinkpreneurs.in\/index.php\/wp-json\/wp\/v2\/categories?post=3086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pinkpreneurs.in\/index.php\/wp-json\/wp\/v2\/tags?post=3086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}