What the Coldplay event tells us about new India

Three recent events say a lot about India’s evolving consumption story. Together, they reflect a significant cultural shift towards overt display of wealth and status — ­sometimes even when you don’t have it. Hundreds of thousands of Indians queued up for three instances of expenditure that were essential for some, frivolous for others, and aspirational for many.

Whether it is the latest iPhone launch, tickets to a Coldplay concert, or a Diljit Dosanjh performance, Indian consumers are displaying an insatiable appetite for high-end experiences and products. This shift tells a larger story — one that is not just about changing spending patterns but also about psychology, identity, and the pressures of modern society.

One notable aspect of this trend is how it transcends traditional boundaries of wealth and ability to spend. The proliferation of the “buy now, pay later” (BNPL) mode, has put the realisation of almost every desire to own/experience — be it a phone or an Antarctic expedition — within reach for even those who may not have the means to purchase these outright. Thereby, they are enabled to participate in the consumption frenzy.

This is pride (or status) attained on credit. The race to acquire and display has blurred the lines between necessity and luxury, creating a culture where ownership and participation are seen as indicators of one’s social standing, and even as tools for ensuring personal and emotional security.

A new class of high net worth individuals (HNIs) and ultra-HNIs (UHNIs) in India is chasing exclusivity. This group is not necessarily made up of die-hard music or tech enthusiasts, and many may not be able to tell Chris Martin from Chris Brown. But they are motivated by the desire to be seen as having or experiencing, preferably first. That first is a bragging right, a passport to class and connoisseurdom simply through the fact of being able to afford it. Indeed, it is less about passion and more about possession.

For India’s youth, this culture of excess brings with it profound psychological challenges. Teenagers and college students, many of whom do not come from affluent backgrounds, face immense peer pressure and the fear of missing out (FOMO) on a daily basis. Every day brings a new product or a new experience that one must have to stay relevant in their social circles. Those who cannot afford are left feeling inadequate or excluded.

Social media amplifies this pressure, as it becomes a platform for curating and displaying these products and experiences — whether it’s an unboxing video of the latest iPhone or photos from a high-profile concert. The envy, anxiety, and feelings of inferiority this can generate, especially for those struggling financially, cannot be ignored.

An image of this consumption mania is also reflected in the fact that lavish weddings have now transcended the circles of the ultra-rich and permeated even small-town business families. Weddings have become showcases of wealth, with no expense spared, from extravagant decor and multi-day celebrations to even international destinations and celebrity performances.

The opulence on display, even in milieus far away from the metropolitan excesses, reflects a significant societal shift. Once intimate celebrations of marital union, weddings have morphed into spectacles of extravagance, where the display of wealth often takes precedence over the sanctity of the occasion. No wonder the coinage “big, fat Indian wedding” has become a cultural marker of success and ambition across socio-economic classes.

In a rush to capture the perfect shot of our meal at an exclusive fine dining spot for Instagram, we forget to savour the moment and the food; it’s as if social-media likes from others make the meal more satisfying than “ancillaries” such as taste and company! In this race to consume and display, it’s important to ask: What messages are we sending to the next generation?

For those whose parents can easily afford such luxuries, there is an implicit lesson about entitlement and its pitfalls. By funding these experiences for their children, parents may inadvertently be teaching them that instant gratification is not only acceptable but expected. The line between earning and being given becomes increasingly blurred, and with it, the values of financial responsibility and restraint. Are we nurturing a generation that understands the value of wealth, or one that is more attuned to its display?

India’s consumption story is, at its core, a story about human psychology — about our need for validation, our desire to belong, and our fears of inadequacy.

As a society, we must reflect on how we have allowed material hedonism to become the yardstick of success and happiness. The consequences are not just economic but also personal, psychological, and, therefore, societal. We are fostering a culture of constant comparison where self-worth is measured by the things we own and the experiences we can flaunt as opposed to seeing oneself through the prism of professional and personal growth.

It is perhaps time to pause and reflect. Can we begin to value experiences for what they truly offer rather than what they signify for others? Can we teach our children the importance of financial responsibility rather than indulgence? And most importantly, can we start to move away from this culture of constant comparison towards one of genuine fulfilment?

Those who have will spend, and those who don’t will strive to keep up; therein lies the paradox — economies thrive on consumption, yet true prosperity demands mindful spending rooted in value, not display. The country and its communities once prided themselves on living within their means.

Simple living and high thinking were once a mantra for the nation now caught in a cycle of over-consumption, driven by the desire to fit in. History warns us against such paths, yet we often stray from wisdom, driven by the fundamental human failing of mistaking desires for needs.

Srinath Sridharan is a policy researcher and corporate advisor and Lloyd Mathias is a business strategist and early-stage investor.The views expressed are personal