Top News

Household Spending India: According to the statistics released by the Government of India, the cost of expenses of India’s families in FY 2024 is shocking. According to government data, the maximum cost was spent on alcohol, tobacco and medicines. The expenditure on alcohol and tobacco rose 15.7%, while it was only 1.6% a year ago. Expenditure on health services also led to a rise of 17.4%, including medicines, hospitals and doctors’ fees. It indicates that after the epidemic people have become more alert about their health. On the other hand, spending on food and drink, remained almost stable and entertainment activities have declined. Let us know the special things revealed in the report-

Record breaking spending on alcohol and tobacco

In FY 2024, Indian families spent 15.7% more on alcohol and tobacco, which is the fastest growth since 2012. It is worth noting that last year this category saw a slight increase of only 1.6%. According to experts, people moved to these products while recovering from stress and economic uncertain after epidemic.

17.4% jump in expenditure on health

Even faster growth than alcohol and tobacco was seen in health expenses. In FY 2024, Indian families spent 17.4% more on health services, the highest growth since 2017. Health expenses include doctor’s fees, hospital bills, cost of medicines. Experts believe that the experience of Kovid-19 epidemic has increased the health and awareness of the people, so that they are now giving priority to medical expenses compared to before.

Spending on food and drink is almost stable

Interestingly, while the expenditure on products such as medicine and liquor increased, only 0.5% increase on food and non-ordeal beverages recorded an increase of 0.5%. This indicates that the middle class and above are now preferred to spend on special services rather than needs. As before, people are not spending much on clothes and shoes.

Decline in entertainment and cultural programs

While some categories saw a boom in spending, the expenditure on entertainment and cultural programs has declined by 4.1%. This means that people are still hesitating to spend in events like Theater, Cinema, Live Show. The main reasons for this may cause increased use of OTT platforms, limited entertainment options in Tier-2 and Tier-3 cities, non-essential expenses due to inflation.

It is clear from domestic expenses in India that the people of the country are now spending more in health and lifestyle fields, moving away from basic expenses like food and clothes. People have now become more conscious about health. However, increasing expenditure on products such as alcohol and tobacco is also a matter of concern.