Is it the economy doing well? Or is it the newer gens over-spending? Or something else?
Buying iphones on EMIs...
Can’t say overspending for sure. Bcoz salaries have increased a lot in general. Jobs might be less but I didn’t see a lot of downtrend in salaries offered.
People are spending the money they don’t have
Over spending for sure.
My guess is the payment method has simply changed rather than increased spending. Whatever shopping was done with debit cards / UPI / cash earlier is now done with CC for the reward points, no cost EMI or discounts.
And ICICI Bank is giving ICICI Amazon Pay CC to anyone and everyone.
Lol ! When I read it yesterday my jaw dropped. It's mostly over spending. iPhones, belanciaga, Gucci bags, make-up, high rent , and what not. Foreign trips. Long list.
New generation getting inspired by Americans to overspend.
Some percentage of these spends are moving from informal to formal economy. Not that bad.