In the past few months, I have observed the following trends in my socio-economic milieu (urban middle class). Research analysts might like to wait a little more to find investment themes in these trends. However, I do feel that these trends are strong and have the potential to capture a prominent space in the overall Indian consumption basket; be a meaningful source of revenue for the government; emerge as a notable source of incremental employment and pave the way for a deeper integration of the Indian economy into the global economy.
Concert economy
My daughters have attended three live performances of Indian artists, in India, in the past two months. Previously it was not more than one in a year, and that often overseas or foreign performers.
The global live music market, encompassing ticket sales, sponsorships, merchandising, and related revenues from concerts, festivals, and performances, is estimated at USD 38.58 billion in 2025. It is projected to grow 8-11% CAGR for the next 10 years.
The US, with an estimated market size of US$15bn (~39% market share) leads the live entertainment market. India's live music market is projected at USD 1.39 billion (₹11,600 crore) in 2025, up 15x from ~₹805 crore in 2024, but still much smaller than the peers like China, South Korea, Thailand etc. India represents ~3.6% of the global market. However, given the size of the Indian overall music market, the potential is huge. Some estimates forecast the Indian live performance market to grow at 17.6% CAGR for the next 10 year. This may also provide a much-needed boost to India’s lagging inbound tourism sector.
Carnival economy
Ganpati and Durga Puja (including Navratri and Ram Leela) have been very popular festivals in India for a long time. Marketers have exploited the popularity of these festivals to stimulate consumption demand. These festivals, at a bigger scale, are no longer limited to west India (Maharashtra & Gujarat) and East India (Bengal & Odisha), respectively. Several small towns across Uttar Pradesh (UP), Madhya Pradesh (MP), Bihar etc. now celebrate these festivals with the same fervor and scale. Lots of marketing campaigns are run around these events to boost sales of real estate, consumer durables, tourism packages, jewelry, etc.
Besides, Ganpati & Durga Puja, Kumbh Mela, Chath Puja and Kanwad Yatra, are some other religious events that have acquired the scale and popularity to attract marketers’ attention.
Valentine's Day has been popular amongst college going youth for the past many decades. In earlier years the market impact of Valentine's Day was mostly limited to greeting cards and roses. However, in the past few years, the festival has expanded its scope and coverage. It is now becoming a full week of festivities, encompassing a larger section of the population (households, corporates, retailers, students, and event managers).
What I noticed this year was that Halloween is fast becoming as popular with Indian masses, as Valentine's Day. Many tier two towns in India organized special Halloween events with great enthusiasm. Schools, colleges, clubs, corporates, housing societies in Varanasi, Patna, Bareilly, Hathras, Agra, Bhopal, Jabalpur, Jodhpur, Chandigarh etc. celebrated Halloween in the same spirit as Holi.
I expect, the day is not far, when some of these events (or a new one) evolve as global events, and become as popular as Rio Carnival, New York Halloween or ThanksGiving parade, London Notting Hill Carnival, Munich Oktoberfest and Spain’s Carnival of Santa Cruz de Tenerife.
Conclusion
India’s new economy is shifting from goods consumption → experience consumption. The Indian middle-class transitions from “stuff accumulation” to “memory accumulation”.
This is the same transition Korea did 2002-2018; China did 2008-2019; and Japan did 1978-1990. The price of time + boredom premium is rising. That is the real structural marker of middle-class maturity.
This also can become one of the biggest levers to revive inbound tourism.
· Brazil > carnival tourism
· Korea > K-pop tourism
· US > live performance + sports tourism
India can build its version next — with cultural depth as a natural advantage.
The new economy of India will not come from factories alone. It will come from stages, festivals, stadiums and streets. India’s next export will be experiences. IPL and Kumbha Mela have successfully demonstrated the global potential.
Experience GDP (concerts, festivals, events, experiential travel) has three properties India urgently needs, i.e.,
· high employment intensity
· high tax buoyancy
· culture export multipliers
This is where India can gain a sustainable comparative advantage. Not copy trade Korea, but build the India version.
