By Fawzia Moodley:
A burgeoning and sophisticated middle class with increased disposable income and a worldly outlook has given impetus to India’s experiential economy. Increasingly, India’s consumers are seeking memorable experiences rather than focusing on material possessions and opulence.
The younger generation is driving this change, reshaping consumer behaviour and creating new opportunities for businesses focused on live events, entertainment, travel, food and drink, and arts and culture. Gen X and millennials, particularly, are seeking new, exciting, and engaging experiences, driving the exponential growth of India’s experiential economy, with the Event and Entertainment Management Association (EEMA) projecting that the sector will have doubled its 2020 value by this year.
“Nearly 60–65 per cent of our revenues are coming from the younger generation within the age group of 18–35 years,” said Govind Gaur, Founder and CEO of travel company, WanderOn. According to its projections, India’s experiential travel market will reach $ 45 billion by 2027.
The trend is for consumers to move away from conventional sightseeing to immersive experiences such as guided tours, cultural exchanges, concerts, solo trips, and offbeat adventures. The growing popularity of festivals, sporting events, live shows, and stand-up comedy underlines this shift.
The emergence of experience-based entertainment, such as bowling alleys, amusement parks, and escape rooms, is reshaping retail spaces, and digital technology is increasingly being used by companies to create seamless and convenient interactions.
Offerings such as Zomato’s Zomaland, a food and entertainment carnival in Mumbai featuring food vendors, live music, and interactive games; and the Myntra Fashion Weekend, which combines fashion shows, shopping opportunities, and celebrity interactions, underline the convergence of technology and experiences.
Religion and spirituality, too, are being integrated into the experiential economy, with traditional festivals like Durga Puja, an annual festival paying homage to the Hindu goddess Durga, incorporating guided tours through pandals (temporary pavilions) showcasing art installations.
LIVE entertainment is seen as a cornerstone of India’s experiential economy, and New Delhi, cognisant of its potential for job creation, commissioned a white paper, India’s Live Events Economy: A Strategic Growth Imperative. Presenting the research findings and analysis for the White Paper, Chief Editor, Jagadeesh Krishnamurthy, said: “What was once viewed primarily through the lens of entertainment has grown into a multidimensional force—generating employment, accelerating urban vibrancy, stimulating cultural exchange, and catalysing economic value across allied sectors.”
However, as Krishnamurthy noted, despite its economic importance, the sector is “underserved by long-term policy frameworks, structural investment, and integrated planning.” He called for greater policy and structural support, saying, “True global leadership requires structural support. As this paper outlines, India’s next phase of growth in this space must be driven by intentional public-private collaboration, enabling policies, purpose-built infrastructure, and institutional recognition of the sector’s contribution to the GDP and job creation.”
“ Every concert, festival, or touring production is not just a show, it is a catalyst for jobs, local enterprise, cultural pride, and international visibility,” Krishnamurthy added.”
According to the White Paper, India’s cultural richness, digital readiness, and expansive audience base position it uniquely to lead globally in the live entertainment sector. Provided there is targeted policy intervention and infrastructure investment, the sector can create jobs, foster tourism, spur innovation, and enhance international visibility.
The research shows that India’s aim to establish itself among the world’s top five live entertainment destinations by 2030 is achievable, and the country is confident that India’s creativity, quality, and cultural ambition will make its mark on the global stage.
The growing popularity of experience tourism in India is part of a worldwide trend, as underlined by estimates by the World Economic Forum showing that between 1987 and 2019, the share of consumer spending on live experiences and events increased by 70%, relative to total US consumer spending.
The WEF elaborates: “While 78% of millennials choose to spend money on a desirable experience over something material, the trend extends beyond just young people, to every age bracket and socioeconomic class.
“This tidal wave is already having extreme effects on the global economy and traditional business models. It requires a fundamental shift in how we look at everything, from revenue growth to personal happiness. Ultimately, the shift to an experience economy has the power not only to change how we spend our time and money, but also to promote inclusion and democratize happiness.” – @NewsSA_Online
Please like, follow and engage with us on our social media platforms. Find the links below: