For years, personal finance advice has revolved around a familiar message: spend wisely, save regularly, and avoid unnecessary purchases.
But consumer behaviour is changing.
Increasingly, people are willing to spend on things that make them happy in the moment, even if they were not part of their original budget.Be it ordering food instead of cooking, booking a last-minute weekend getaway, buying an expensive coffee or upgrading to a premium experience, small indulgences are becoming a regular part of everyday spending.
What was once considered an occasional treat is now turning into a lifestyle choice.This shift is giving rise to what can be called the 'Treat Yourself' economy, where spending is driven not just by necessity but also by emotions, experiences and the desire for instant gratification.Digital platforms have made this transition even faster.
One-click payments, quick-commerce apps, food delivery platforms, easy consumer credit and buy-now-pay-later (BNPL) options have reduced the time between wanting something and actually purchasing it.
Consumers no longer have to think too much before making smaller purchases.Social media has added another layer to this behaviour.
Constant exposure to new restaurants, travel destinations, gadgets, fashion trends and premium experiences creates a desire to participate.
A purchase that might once have been carefully planned can now happen on impulse.According to Mukesh Pandey, Founder and Managing Director of Rupyaapaisa.com, the 'Treat Yourself' economy reflects a fundamental change in how consumers approach spending.
"The 'Treat Yourself' economy is representative of an important change in consumer behaviour, where the agenda for spending has shifted from being utility-oriented to being based on the desire for instant gratification," Pandey told NDTV.He pointed out that digitalisation has opened up new opportunities for consumers to spend on everything from food delivery and short trips to premium experiences and everyday luxuries.The trend is particularly visible among younger consumers.
For them, spending is increasingly linked to mood, personal identity and experiences.
Buying something is no longer always about owning a product.
It can also be about feeling good, celebrating a moment or rewarding oneself....
