Chennai, the capital of Tamil Nadu, is often referred to as "the cultural center of South India" due to its unique blend of historic architecture and modern amenities. Nevertheless, there is a great deal more to see and do in the city. The city of Chennai is the commercial and industrial hub of southern India. It is a vibrant, beautiful city that makes many dreams come true thanks to its thriving IT industry, rapid industrial growth, and start-up culture.
With an impressive GDP of $78.6 billion, the city is the fifth richest city in India. Natural resources, mining, trade, transportation, tourism equipment production, and especially the automobile industry are just some of the driving forces behind Chennai's booming economy. This city is known as the "Motor City" because of its extensive manufacturing sector. It is sometimes referred to as "The Detroit of Asia" because automobiles manufactured in Chennai make up 60% of India's exports. About 30% of India's automobile industry and 35% of India's auto components sector are headquartered in Chennai. The mainstay of Chennai's growth is automotive, medical tourism, software services, hardware manufacturing, and finance. Petroleum products, textiles, and clothing are also significant. To a large extent, its success can also be attributed to the Chennai Port and the Ennore Port.
All of the above industrial developments make it one of the most desired cities to live in. Because the city provides numerous benefits, it attracts people from all over the world to settle down here, which is why its population is increasing on a daily basis. Let's take a closer look at consumer behavior and trends.
Growing Consumerism in Chennai
Before understanding the consumerism trend in Chennai, we must first look at the city's growth. The GDP of the Chennai Metropolitan Area is estimated to be between US$78.6 and US$86 billion ($200 billion with industrial zones), placing it as the third highest GDP per capita and the fifth most productive metro area in India.
Trade, commerce, and industry in Chennai are booming, which has accelerated urbanization on a large scale. Chennai's thriving economy owes its existence to the city's residents, who have fueled the city's expansion through their spending.
Let's take a look at some of the consumer trends over the recent years according to recent studies:
However, heavy spending may seem like the last thing on a consumer's mind in a large metropolis with a high cost of living. Keeping up with living expenses while still having money left over to buy things is challenging. The solution is a personal loan.
The Rapid Surge in Personal Loans in Chennai
Personal loans can be the answer to many financial needs. A personal loan is a loan that financial institutions provide to customers for them to purchase anything they want, such as household goods, appliances, and even personal devices. Television sets, home theatre systems, air conditioners, refrigerators, mobile phones, laptops, cameras, and even modular kitchens are some examples of the things you can buy with the help of a personal loan if you don't have the money upfront.
For consumers in need of quick cash at low-interest rates, personal loans in Chennai are becoming increasingly popular among locals. A personal loan is a great resource for those in the midst of adjusting their way of life to fit in with a big city like Chennai. The rapid surge in personal loans is also due to the fact that the repayment terms can be flexible with manageable monthly payments. In a big city with high costs, personal loans are a savior for most middle-class and lower-class people, allowing them to instantly buy the things they need without having to wait to save money for it for years.
With the rising cost of living in one of India's largest cities, more and more people are turning to quick borrowing choices like personal loans in Chennai to cover unexpected costs like medical bills. Additionally, personal loans can come in handy for those planning to escape the Chennai heat and enjoy a quick holiday.
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As India continues to digitalize at breakneck speed, consumers in retail, technology, and finance are looking for ways to act instantly on their needs and wants, such as buy now, pay later financing options. The number of people using personal loans to fund their needs has been steadily increasing. According to the RBI, the number of personal loans increased by 26.9% in the previous year, and the number is only expected to rise more in Chennai.
Personal loans have been around for a long time in India. However, they only became common in the last decade. According to numerous reports, the number of personal loan applications in India, especially in big cities like Chennai, has increased in recent years. Having said that, it is easy to see why borrowers like them. After all, personal loans are widely available, have low personal loan interest rates and require no collateral. Furthermore, they are simple and quick to set up. Again, you are free to spend your loan however you see fit; this is why the people of Chennai are opting for personal loans to finance their needs.
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