Why brands must compete with experiences in India’s passion economy

New Delhi: As Indian consumers navigate a complex economic environment, their purchasing decisions are no longer dictated solely by affordability or necessity. Instead, they are increasingly shaped by emotion, ambition, and identity. Today’s buyers - whether in metros or smaller towns - are seeking more than just products; they’re looking for experiences that reflect who they are and who they want to become.

At MMA IMPACT India 2025, Soumya Mohanty, Managing Director and Chief Client Officer – South Asia, Kantar, spotlighted this very evolution. Drawing on robust consumer data, she called for a strategic pivot in how brands define growth and value, placing aspiration and passion at the heart of the conversation.

Mohanty explained that despite slowing incomes across socioeconomic strata, premiumisation has not only endured but expanded. From fast-moving consumer goods to cars, Indians are willing to pay more, driven not by disposable income but by a deep desire to access better experiences and express evolving lifestyles. This, she said, is the true engine of the aspirational economy. 

Explaining the crux of the matter, Mohanty said, “If our category is not aspirational, then I will buy a commodity in that category. I will buy a brand in a category that is aspirational because that brand is giving me that extra for which I'm willing to pay. A lot of categories have lost their aspirational, excitement, and stimulation value over the last many years now.” 

Importantly, this isn’t confined to metro cities. Thanks to digital access, aspiration is now borderless. Even in the smallest towns, consumers are watching, wanting, and reaching for global experiences. Influencers and e-commerce platforms are no longer just selling products; they are shaping dreams and enabling fulfillment at scale. 

Mohanty also spotlighted the rise of what she called the “passion economy.” Indian consumers today are increasingly investing in things that bring them joy—whether it’s travel, wellness, hobbies or personal style. For marketers, this means the competition is no longer just within categories; brands must now compete with experiences and interests that command emotional equity. 

“There are new claimants for our mindsets, which are not just consumer goods. It is experiences, traveling outside India, spending money on hobbies and interests - there's a whole growth of the passion economy. So, consumers have a lot of different options,” she said. 

She warned that many brands are misreading affordability as a purely monetary equation. In reality, it is a function of perceived value, brand equity, and relevance. Strong brands—those that are meaningful, different, and salient—command pricing power and loyalty even during economic slowdowns. 

Mohanty’s message was clear: brands that build emotional connections by aligning with what people aspire to and what they care deeply about are best positioned to grow. In a marketplace flooded with choice and distraction, it is aspiration and passion that will help brands truly stand apart.