The survey conducted by ANQ sheds light on the evolving financial habits of Indian consumers, particularly the younger generation. A significant 72% of respondents are below 30 years of age, highlighting their increasing influence on the country’s financial landscape.
Convenience is a key factor shaping consumer behavior, with nearly half of the respondents reporting ownership of multiple credit cards. Notably, 20% of these individuals possess five or more cards. This trend reflects a strategic approach to managing finances, as consumers seek flexibility and versatility in their payment methods.
Spending patterns vary significantly, with approximately half of the respondents reporting monthly expenses ranging from 25,000 to 75,000 Indian rupees. The survey also reveals a strong preference for rewards programs, with nearly 60% of respondents prioritizing this factor when selecting a new credit or debit card. This emphasis on rewards indicates a financially savvy consumer base that actively seeks to maximize the value of their spending.
The survey highlights the growing adoption of digital payment solutions, with 49% of respondents utilizing credit cards and UPI (Unified Payments Interface) for regular transactions. This trend signifies a fundamental shift in how consumers interact with financial tools, embracing the convenience and security of digital platforms.
Ashish Khandelwal, Founder of ANQ, summarizes the findings by emphasizing the critical role of credit cards in the daily financial lives of Indians. He highlights the increasing demand for enhanced security features, lucrative rewards programs, and seamless integration with digital payments. These factors are shaping the future of credit cards, aligning them closely with the evolving needs and expectations of today’s consumers.
