What clamour for Coldplay tickets says about India's economy
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Why are Indians shelling out so much money for a show by a band which is not even one of the most popular in the world today? While many attribute this phenomenon to the extreme FOMO (fear of missing out) sentiment in the age of social media when people like to flaunt things, it is also an indicator of India's economic situation. The frenzy for Coldplay tickets shows India's strengthening consumption story even as disposable incomes rise, the number of rich grows at a fast pace, the size of the middle class increases and a trend of premium consumption sweeps across sectors. Not just the class that clamours for Coldplay tickets, even those at the bottom of the pyramid are showing different consumption trends.
Premiumisation of consumption in India
For past few years, companies in several sectors, from FMCG to auto to durables to housing, have been trying to lure the rich customers who have grown in number and are willing to splurge, especially after the pandemic which led to the rise of the YOLO (you only live once) sentiment. From snacks to watches to TVs to cars to houses to Coldplay tickets, the new consumer class is willing to pay the top rupee for premium items.
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