Signal India's experience economy accelerates on rising incomes and a young urban base

Summary

McKinsey singles out India as an emerging market where the experience economy is gathering speed. Growing incomes and a large population of young city dwellers are fuelling demand for live events, travel and entertainment. The report points to recent coverage of a boom in concerts, festivals and major sporting fixtures. Hotels and other hospitality businesses are gaining from this, filling more rooms and charging higher prices around these events. The case shows that the preference for experiences is not confined to wealthy mature markets. It also suggests that event-driven demand can lift adjacent sectors such as lodging.