Gen Z Turns Faith Into Fortune: India’s Spiritual Market Hits Rs 4.86 Lakh Crore

India’s religious and spiritual economy is undergoing a transformation, with Gen Z at the forefront of making faith both fashionable and lucrative. The market, now valued at approximately Rs 4.86 lakh crore (USD 58.56 billion) in 2023, is expanding at nearly 10% annually, driven by younger generations who are blending tradition with technology and wellness.

 

Key Highlights

 

•⁠  ⁠Gen Z is actively embracing rituals, astrology, healing crystals, gratitude lists, and spiritual affirmations, making them trendsetters in the faith economy. Unlike millennials, who distanced themselves from tradition, Gen Z is vocal about trauma healing and mental health, integrating spirituality into their daily lives.

 

•⁠  ⁠The scope of India’s spiritual market has broadened beyond temple visits to include digital services such as virtual pujas, online astrology consultations, and e-pilgrimages. Startups and apps like AstroSure AI are leveraging AI to offer personalized astrology insights, catering to the tech-savvy youth.

 

•⁠  ⁠Social media and influencer culture are fueling the popularity of spiritual practices, transforming them into lifestyle statements and driving demand for incense, puja kits, and devotional content.

 

•⁠  ⁠The sector includes a vast unorganized segment, with 60-70% of temples and religious services operating informally, but the push toward digitization is bringing more structure and transparency.

 

•⁠  ⁠Religious tourism, supported by government initiatives like the PRASHAD Scheme, accounts for about 25% of domestic tourism and is growing at 12-15% annually, further boosting the market.

 

Market Outlook

 

•⁠  ⁠With India’s internet user base set to surpass 1 billion by 2025, digital faith services are expected to become mainstream, propelling the market toward a projected value of over Rs 6.5 lakh crore by 2028.

 

•⁠  ⁠The integration of AI, mobile apps, and online platforms is making spirituality accessible, personalized, and appealing to Gen Z, ensuring sustained growth and innovation in the sector.

 

Sources: NDTV, Times of India, Dharmik Vibes, ET BrandEquity