Gen Z Affording Luxuries

"EMIs provide the convenience of purchasing without having to make the full payment, and this holds true especially for high-value goods.

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Even high-end purchases on credit cards that can be converted into EMIs are being preferred," he added.

Amazon, during its Prime Day, witnessed more than 30% growth in no-cost EMI, with the premium smartphone segment (priced above ₹30,000) witnessing over 60% growth in value. Nearly 70% of this growth was contributed to by Tier 2 and beyond cities. Samsung, Apple, and OnePlus led the growth in the premium segment.