"Indians are spending more on health and wellness": Razorpay report
Apr 18, 2024
New Delhi [India], April 18 : Indians have increased expenditure on dieticians and health coaching in the year 2023, according to a report by payments solution provider Razorpay.
The report highlights that there has been a 125% rise in spending on dieticians in FY'24, reflecting a growing awareness and emphasis on maintaining a balanced diet and nutrition among Indians. Additionally, transactions related to health coaching have also surged by 45%, indicating a clear interest in seeking professional guidance for fitness and overall wellness.
The data further underscores a noticeable trend towards preventive healthcare, with sales of health products witnessing a substantial 39% increase in FY'24. This surge in spending on health-related services and products indicates the growing recognition among Indians that true prosperity encompasses good health.
The report also highlights that Indians are increasingly prioritizing their health and well-being, recognizing the importance of adopting healthy habits and seeking professional guidance to achieve their fitness goals.
The data for 2023 reveals that while focusing on health, individuals are also willing to invest financially in their well-being, indicating a holistic approach towards leading a balanced and fulfilling life.
The report's insights indicate the evolving mindset of Indians towards health and wellness, underscoring a shift towards proactive measures to maintain a healthy lifestyle in today's fast-paced world.
The homegrown fintech company analysed over a billion transactions processed on its platform during the past financial year, to know the spending habits of Indians.
The National Health Policy, 2017 also advocates for the attainment of the highest possible level of health and well-being for all at all ages. Also, the Fifteenth Finance Commission, in its report, had recommended that public health expenditure of Union and States together should be increased in a progressive manner to reach 2.5 per cent of GDP by 2025.
