Business News

Multiplex spending increased 173% year over year in FY23.

Multiplex spends rose 173% year-on-year (y-o-y) in 2022-23 (April-March), bolstered by the release of mass appeal films like ‘Pathaan’ and ‘KGF2’, a report from Razorpay showed on Tuesday.

This, when multiplex footfalls have still been at pre-Covid-19 levels.

Multiplex transactions jumped 70% over the daily average during Pathaan’s opening at the box office. Similarly, multiplex spends quadrupled over the daily average on the day of ‘KGF2’ release.

After two years of COVID-19 led restrictions, spends on flight tickets rose 83% y-o-y. Online travel aggregators witnessed a 224% y-o-y increase in spend value. Spends on holiday accommodation nearly doubled y-o-y in terms of value in 2022-23. 

Spends on dining out more than doubled y-o-y, and transaction volumes jumped by 162% y-o-y in 2022-23, according to Razorpay’s offline payments platform Ezetap. 

Co-working spaces witnessed a 245% y-o-y rise in transactions while the number of payments made for cab services grew seven times y-o-y. Broadband spends fell by nearly 80% y-o-y.

An increasing number of shoppers flocked to brick and mortar stores in 2022-23, the report showed.

As per transactions held on Razorpay’s offline payments platform, Ezetap, in-store payments grew 88% by value. Transactions more than doubled in number across most metros.

Specifically, expenditure on apparel rose 127% y-o-y, the highest among all categories. Expenditure on Jewellery rose 88% y-o-y, and expenditure on electronics rose 60% y-o-y.  

Among the top five cities, Gurugram witnessed the highest in-store payment volumes at 160.9% y-o-y.  Similarly, Pune’s payment volumes rose 153.8% y-o-y, Bengaluru’s payment volumes rose 145.3% y-o-y, Chennai’s payment volumes rose 107.9% y-o-y and Kolkata’s payment volumes rose 106.0% y-o-y. 

Online payments fell by nearly 40% in value between 1530 IST and 1715 IST on October 23 during Virat Kohli’s innings against Pakistan in the ICC World T20, the report showed. Transactions on food delivery rose sharply on December 18 during the FIFA World cup final.

“FY’23 has been a year of hope, resilience, and rejuvenation for India, with a sharp growth in transactions across sectors as people rekindled old-forgotten joys of life,” Rahul Kothari, chief business officer, Razorpay said.

“It also showed how Indians have embraced the digital age and how they are using new payment technologies to connect, collaborate, and transact.”



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