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World Thrift Day 2023: Addicted to EMI purchases for luxurious life? Experts list down potential risks

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Updated on: 30 October,2023 07:19 AM IST  |  Mumbai
Aakanksha Ahire | aakanksha.ahire@mid-day.com

FOMO of a luxurious lifestyle is driving most Indians towards impulsive buying. Financial pundits dissect this change in consumer behaviour and highlight the risks and need to strike a balance

World Thrift Day 2023: Addicted to EMI purchases for luxurious life? Experts list down potential risks

World Thrift Day 2023 is celebrated every year on October 30 to raise awareness about the importance of saving. Photo Courtesy: iStock

Key Highlights

  1. Many people purchase items using credit payment options as their income does not help
  2. The buying power in tier two of the Indian population is seeing a gradual increase
  3. Earlier, people used to accumulate money to make heavy purchases but now that has changed

Frequently relishing meals in a fine-dining restaurant whose bills equal the cost of a whole month’s groceries for a couple or purchasing an iPhone that costs a month’s whole housing rent don’t look like healthy financial actions. Yet, many of us choose to tread this path. 

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