Young Indians Want To Spend On Experiences Than Products

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Young Indians Want To Spend On Experiences Than Products
Aparajita Gupta - 27 August 2019

In an interview, Rajan Bajaj, Founder and CEO of SlicePay told Aparajita Gupta that the fintech company witnesses 25 per cent of its customers’ monthly expenditure going into travel and stay.

How is the spending behaviour of millennials in the travel segment?

Millennials are the most important consumer for the travel industry. According to a survey conducted by Skyscanner India, 62 per cent of Indian millennials, between the age of 18 and 35 go on vacation two to five times a year. This shows that millennials intend to take more vacations.

We see a similar trend at SlicePay where youngsters in India love to spend on experiences more than ownership of products. 25 per cent of our customers’ monthly spend went into Travel and Stay.

How many times on an average do they go for vacations in a year and what are the things they spend on mostly?

According to a report by Travelport, youngsters between the age of 18 to 34 are most likely to spend more money on vacations than other age groups.

On an average, our customers go on vacations three times in a year and spend mostly on travel and hotel bookings.

According to SlicePay, 25 per cent of its customers’ monthly spend went into travel and stay. How did you deduce this?

To understand the travel spend of our customers, we observed the overall transactions taking place through SlicePay Card in a month. Our customers typically spend across the following categories--- food, travel, shopping and entertainment.

We analysed their monthly expenditure across these categories, looked at merchants with whom they transacted and then deduced the percentage of spend that travel contributed to in a month.

What is the role of SlicePay Card, when it comes to facilitating such trips for youngsters?

SlicePay Card is a RuPay-powered card and is widely accepted by merchants in the country. Given that these youngsters are deeply underserved by banks and do not have access to a traditional credit card, a SlicePay Card comes in handy for them. Our customers can get discounts on websites like MakeMyTrip, ClearTrip and Oyo.

The card offers the flexibility of paying bills through no cost EMIs. This makes it extremely convenient for our customers to book flight tickets and stay. Customers can pay their bill on installments with our no cost EMIs ranging from one to six months.

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