Addicted to EMI purchases for luxurious life? Experts list down potential risks
Updated On: 30 October, 2023 07:19 AM IST | Mumbai | Aakanksha Ahire
FOMO of a luxurious lifestyle is driving most Indians towards impulsive buying. Financial pundits dissect this change in consumer behaviour and highlight the risks and need to strike a balance
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World Thrift Day 2023 is celebrated every year on October 30 to raise awareness about the importance of saving. Photo Courtesy: iStock
Frequently relishing meals in a fine-dining restaurant whose bills equal the cost of a whole month’s groceries for a couple or purchasing an iPhone that costs a month’s whole housing rent don’t look like healthy financial actions. Yet, many of us choose to tread this path.
A few decades back, iPhones or even cars and other such luxury items were perceived as commodities for the rich. Today, the picture looks completely different. Aspiration and optimism emerge to be the key drivers.
Ahead of World Thrift Day 2023 which is celebrated every year on October 30 to raise awareness about the importance of saving, we sat down with financial and investment experts who reflect on the changing consumer behaviour in India and dissect the reasons behind the rise in aspirational buying.
Changing consumer behaviour
For everyone, regardless of their financial capacity, it’s very human to want to be able to afford and spend money on luxury items. This want has always existed and isn’t a novel trend to humankind. What has changed is the ability to be able to purchase those items due to numerous accessible credit methods.
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