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Yena Kim describes her Shiba Inu, Bodhi, as her "soul dog." She hadn't planned <a target="_blank" class="" href="https://www.businessinsider.com/couple-travels-works-with-dog-spends-double-budget-pet-2024-8">to get a dog</a>, but when she held him for the first time 15 years ago, she knew he was special. "I truly believe that we were meant to meet," Kim, now 37, says. "He was meant to be my muse and inspiration."Ten years ago, Kim was working what she calls her dream job at Ralph Lauren when she decided to quit so she could spend more time with Bodhi. "It killed me to see his sad face as I left home for work," she says, "so I designed a new job where I can spend all day with him."<a target="_blank" href="https://www.instagram.com/mensweardog/">Menswear Dog</a> was born. The social-media brand features Bodhi modeling menswear outfits that Kim makes. For a couple of years Kim built the account on nights and weekends while working a day job as a marketing consultant so that she could afford a place in Brooklyn with a yard for Bodhi and her other dog, Luc. She even went without health insurance for a while to make sure the dogs were taken care of. (The pups always had <a target="_blank" class="" href="https://www.businessinsider.com/cat-got-cancer-assessed-pet-insurance-2024-10">insurance</a>.) Now she earns enough from Menswear Dog to focus on it — and her dogs — full time."Bodhi and Luc have forged a path for me and with me," she says, adding that taking care of her dogs has given her an "immediate sense of purpose."She isn't the only millennial who feels this way about her pets. The generation is leading the way when it comes to pet ownership — <a target="_blank" href="https://americanpetproducts.org/industry-trends-and-stats">almost a third</a> of US pet owners are millennials. And they adore them: In an online survey of American pet owners in April, more than a third of millennial respondents said they'd turn down a higher-paying job to spend more time with their animal companions.The <a target="_blank" href="https://www.businessinsider.com/remote-workers-return-to-office-reason-pets-dogs-2022-11">rise in pet ownership</a> stands in stark contrast to another recent trend: the decline in parenthood. The percentages of US women between 30 and 39 in 2022 who had never had children were the highest they'd been since at least 1976. As more millennials <a target="_blank" href="https://www.businessinsider.com/death-of-typical-american-nuclear-family-economic-crisis-marriage-divorce-2024-3">move away from traditional family structures</a>, adopting a pet has become a new milestone. As a result, <a target="_blank" class="" href="https://www.businessinsider.com/rise-of-dogs-and-childless-adults-shaping-real-estate-urban-amenities-2024-10">millennials are increasingly spending time and money pampering their animals</a>. A MarketWatch report said pet spending increased by 67% from 2013 to 2021, and businesses including <a target="_blank" href="https://www.businessinsider.com/dogue-dog-food-cafe-san-francisco-luxury-tasting-menu-photos-2022-10">dog cafés</a> and luxury cat hotels have emerged to cater to the growing demand. But pet trainers and veterinarians say excessive pampering may be leading to health and behavioral problems.A recent study published in The Lancet predicted that by 2100, more than 97% of countries and territories will have fertility rates below the levels needed to sustain their populations. Meanwhile, the number of people with pets continues to climb. In China, whose population has been shrinking, the urban pet population is <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-china-city-dwellers-rather-raise-pets-than-toddlers-2024-8">expected to surpass the country's number of toddlers by 2030</a>.Hayley Kellard lives in the UK and has never had much interest in having children. The 40-year-old says she's happy being child-free — but when it comes to dogs, it's a different story. Kellard's family has always gently mocked her obsessions, joking that she likes dogs more than people, but she says she doesn't care."I say I get 'proody' instead of 'broody,' because if I see a puppy I'll just sit on the floor and let it climb all over me," she said. "I just think dogs are less demanding, they're so much fun, they're so affectionate, and they mostly don't have tantrums."Before her Cavalier King Charles spaniel, Paddy, died in May, Kellard's life revolved around him. When she suffered from anxiety and depression, he was the only thing that got her out of bed some days. In his later years, Paddy lived in her spare room, where he slept on a double bed. Kellard and her husband even stopped going on vacations abroad because Kellard didn't want to leave Paddy at home alone. Instead, they'd go to dog-friendly cottages within the country. "Even at home, we got to a point where we didn't leave him home alone," Kellard says. "So if we were eating out, we'd go somewhere dog-friendly and would always order him a doggy sausage or share some of our meal with him."It's a real adjustment finding my new sense of purpose now my life isn't revolving around Paddy," she adds. By the end of Paddy's life, Kellard says, she was spending an average of £200, or about $260, a month on him — sometimes up to £400.Across the board, more pet owners are splurging on their animals. In its annual surveys, the American Pet Products Association has found that pet owners have reported spending more on things like treats, food, toys, and clothing each year. In response, a host of boutique pet stores have popped up. In 2022, San Francisco welcomed Dogue, a "pawtisserie" serving minimally processed artisan treats like pastries and "dogguccinos." New York City is home to spots like District Dog, which makes pup-friendly birthday cakes, and Love Thy Beast, which sells custom dog apparel. Luxury pet hotels such as Chateau Poochie in Pompano Beach, Florida, cater to dogs and cats with high-end boarding services: Cats can relax in "three-tier deluxe condos" with virtual coral reefs and private powder rooms, while dogs enjoy gourmet meals, spa treatments, and round-the-clock care.Despite how much effort Kellard put into taking care of Paddy, she says she still prefers pets over children because they require much less responsibility. "You can go on holiday for a week and leave your dog with a friend or family member. You can go out for a nice meal and leave the dog at home," she says. "I generally just find dogs a lot more relaxing than children. Children seem to need a lot more attention than dogs do."While some millennial dog owners <a target="_blank" class="" href="https://www.businessinsider.com/millennials-parents-dinks-childfree-boomers-economy-outlook-population-growth-birthrate-2024-2">are forgoing having children</a>, others are using dogs as training for parenthood.Michael Wang, who lives in New York City with his wife, Adriene Wong, describes their corgi, Dash, as their "starter kid." For years while the couple, who are in their late 30s, were dating, Wang protested Wong's desire to get a dog. "I was scared of commitment and scared of responsibility," he said. But on the way back from their honeymoon in December 2018, Wong revealed that they'd be getting a dog in a month. "What are you going to do? Divorce me?" she asked him.When Wang saw Dash in January 2019, his heart melted. He says he realized he'd been focusing on the negatives, such as the extra cost and responsibility, while forgetting about the "extra joy" a dog would bring into their lives. They decided to get their second dog, Lili, last November, a few months before their baby was due.The couple say they learn things from their dogs "all the time" and have been able to apply some of these lessons to parenthood. Wong says Dash and Lili have taught them patience in particular. But she says that "there's a lot more that goes into raising a human being than a dog, for sure."For some, approaching dog ownership as a trial run for parenthood may be more harmful than helpful for the dogs, given that the skills required to raise them are drastically different."We are not their parents, they are wholly different species from humans, and there is a total language barrier," says Mark Van Wye, the CEO of Zoom Room, a chain of indoor dog-training gyms in the US. Treating a dog as a "fur baby" and failing to create boundaries, he tells me, can lead to them thinking they're entitled to things such as toys, food, or even a space on their owner's lap. "This can lead to aggressive behavior, especially if they feel their 'rights' are being threatened," he says. "It's like giving a kid all the candy they want and then wondering why they're bouncing off the walls." Dogs who are treated as children could also become stressed — or at least their owners are increasingly concerned about them being stressed. The American Pet Products Association found this year that the use of calming products, such as anxiety supplements, diffusers, and chews, had grown by 168% for dogs and by 174% for cats since 2018. Van Wye says that dogs that are constantly doted on or "treated like they're fragile" often struggle with anxiety when they're left at home. "They've grown so accustomed to being the center of attention that they don't know how to cope when that attention isn't there," he says, adding that this can lead to destructive behaviors like excessive barking and chewing up furniture.Dogs' physical health is also a growing concern. A 2022 survey from the Association for Pet Obesity Prevention found that 59% of dogs were considered overweight or obese, a 3-point increase from 2018. Sean Prichard, the head canine fitness coach at Pant &amp; Wag, a dog fitness company, says he has noticed more people coming to him with obese dogs. He says he believes the issue stems from owners feeding their dogs as if they were children rather than sticking to proper canine nutrition. "Instead of feeding the dog on a set schedule with a set amount, I have several clients who feed their dog whenever the dog 'asks' for food, and this includes giving the dog bites of human food," he says.Dog owners can't be blamed entirely for the changing behavior. Dr. Eliza O'Callaghan, a managing veterinarian for Small Door Vet's New York City locations, told me that the pandemic had "definitely left its mark on dog behavior." She's seen the biggest shift in young dogs that spent the first couple of years of their lives constantly surrounded by their owners. "Now, as people return to the office, many of these dogs are struggling with significant separation anxiety," she says.Wong says she and Wang are "very guilty" of treating their dogs as babies. "We tuck them into bed," she says. She says that when they got Dash, she wanted him to have the "best diet," so she looked up recipes to make for him at home and bought organic ingredients and expensive chicken from Whole Foods. Wong recalled one day when Wang came home, saw her cooking, and asked what was for dinner. "I looked at him and was like, 'Well, this is for Dash,'" she says.Eventually, she realized it was too much and started buying dog food."We love them. We want what's best for them," Wang says. "Do we go overboard? Yeah, maybe sometimes. And then we'll reel it back."When I ask Kim whether she thinks she's ever gone overboard pampering Bodhi, she says the thought had never occurred to her. "I know there are people that are critical of dog parents who do 'too much' for their dog," she says. "I would urge them to take this energy and direct it towards dog parents that do too little and neglect or abuse their dogs instead."Pouring energy into pets provides a sense of companionship and purpose that has traditionally been fulfilled by children — while avoiding the lifelong financial and emotional commitment kids require. But just like with children, it's possible to go too far. And no one wants to raise a spoiled brat, human or animal.<a target="_blank" rel="" class="" href="https://www.businessinsider.com/author/aimee-pearcy">Aimee Pearcy</a> is a freelance journalist who writes about technology and digital culture.

Millennials are raising pets instead of kids. It's not going well for the pets.

<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Turnover (Both Futures and Options) (In Rs Crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,36,03,951.51 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022-23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023-24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

Stock market trading is something that needs expert guidance and has its own set of risks associated. This is why, people generally consult experts before investing in stocks. However, one needs to be careful who they are seeking advice from when it comes to financial matters. In a recent case, a 63-year-old man from Hyderabad lost Rs 50 lakh after falling for a fraudulent stock trading scheme shared through a <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> group. This is just one example of how fraudsters are increasingly using messaging platforms to lure in victims with false promises of easy profits. <h2>How the scam unfolded </h2> The scam began when the victim received an invitation to join a WhatsApp group called Stock Discussion Group. According to a Times Now report, the group was led by a man named <keyword id="23828130" type="General" weightage="20" keywordseo="kunal-singh" source="keywords">Kunal Singh</keyword>, who introduced himself as a financial advisor with extensive experience in the stock market. Singh claimed that his past clients had earned significant profits, boasting of returns as high as 500% by following his stock trading advice. Intrigued by these promises, the victim enrolled in online classes that were promoted within the group. These sessions, held through private links shared on WhatsApp, promised to teach participants how to make money by investing in the stock market. Singh continued to assure group members that his expertise would guide them to financial success. The victim, trusting his guidance, began to invest small amounts of money on a platform called Skyrim Capital, which Singh claimed was a legitimate trading platform. At first, the victim saw some returns on his investment, which only encouraged him to invest more. The initial success built his confidence, and over time, he transferred a total of Rs 50 lakh into multiple investments, believing that he was making wise financial decisions. However, when the victim attempted to withdraw his funds, he was unable to do so. The platform blocked his attempts, and when he tried to contact Singh, he received no response. The truth behind the scam The victim soon realised that he had been scammed. The platform, Skyrim Capital, turned out to be nothing more than a front for fraudulent activity, and Singh had disappeared with the man’s money. The scam had been carefully designed to build trust initially, only to betray the victim when he tried to cash out. The fraudsters used the lure of high returns and expert advice to convince the victim to keep investing larger sums, ultimately draining his finances. This scam is just one of many that have been reported in India, with cybercriminals exploiting the convenience and popularity of platforms like WhatsApp to reach potential victims. These scams often rely on false promises and fake personas, with fraudsters creating elaborate stories to convince their targets that they are legitimate financial advisors.

63-year-old Hyderabad man loses ₹50 lakh after joining WhatsApp group for stock market investment advice

According to <keyword id="19911893" type="General" weightage="20" keywordseo="Meesho" source="keywords" meta.keywordsubtype="org" meta.entityname="Meesho" meta.hostid="261" meta.entityid="Meesho">Meesho</keyword>'s recent ‘Smart shopper report’, <keyword id="19919711" type="General" weightage="20" keywordseo="Gen-Z" source="keywords">Gen Z</keyword> is rapidly embracing <keyword id="19990771" type="General" weightage="100" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, with one in every three Meesho users being less than 25 years old. This makes them the fastest-growing demographic on the platform. The report also highlights that mass consumers, who typically make low-price purchases, account for around 80% of the total online shopping population in India. Reports suggest that by 2030, mass consumers, who are constantly seeking value for price, will dominate the retail market, constituting 65% of total consumers. At present, Uttar Pradesh and Bihar are leading the way, when it comes to user growth in e-commerce, underscoring the significant untapped potential these states hold. The report also delves deeper into the evolving habits and preferences of mass consumers. Meesho has observed that users from Tier IV and smaller cities are the most frequent repeat shoppers under categories like women’s fashion, footwear, and baby care. Additionally, over 80% of Indian online shoppers now hail from tier-2 cities, and beyond, which include places like Ambur, Rourkela, Sangli, and Zirakpur. <div type="Article" hostid="261" msid="112333596" title="Zomato announces new feature for cash on delivery orders and it can help solve a huge problem" mstype="2" mssubtype="0"></div> <h2>Influencer-driven <keyword id="3295571" type="General" weightage="20" keywordseo="e-commerce-boom" source="Orion">e-commerce boom</keyword> in North-East</h2>Furthermore, the report reveals that customers in northeastern states of India such as Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim are increasingly basing their e-commerce purchases choices on content generated by influencers, making up for an impressive 40% of all orders from these states. Meesho has also witnessed greater digital inclusion, with a growing number of content creators emerging from some of the most remote regions of India, like Bazpur (Uttarakhand), Kotputli (Rajasthan), and Pakyong (Sikkim). With the growing popularity of content creators, products like selfie sticks, ring lights, microphones, and tripods have also quickly risen to top the electronics category. Another notable feature Meesho identified was a significant rise in the adoption of vernacular languages and voice search, with rates increasing by 162% and 40%, respectively. This surge reflects mass consumers' strong preference for regional languages and user-friendly features. Tier 2 and other, smaller cities have significantly outpaced Tier 1 cities when it comes to ordering electronic accessories, making double the amount of purchases made by their bigger, urban counterparts. Meesho has also seen substantial demand for products like bluetooth headphones and earphones, power banks, smart speakers, screen magnifiers, and keyboards from diverse Indian cities such as Alwar (Rajasthan), Bettiah (Bihar), Pursurah (West Bengal), Rajahmundry (Andhra Pradesh), Sindkheda (Maharashtra), and Sirsa (Haryana). Among the fastest-growing categories on Meesho are books, which grew by 148% YoY (year-on-year basis) growth, office supplies and stationery (137% YoY growth), home improvement (112% YoY growth), furnishings (92% YoY growth), and pet supplies (68% YoY growth). There has also been a surge in demand for personal care and grooming essentials. <h2>A shift towards quick draping</h2> In just six months, over 10,00,000 saree shapers and more than 60,000 ready-to-wear sarees were sold, indicating that consumers far prefer a quicker, easier approach to traditional draping. There was a clear penchant for traditional and modern alike, since Banarasi was the most sought after fabric, followed by chiffon and organza. <h2>Self-care on the rise</h2>With increasingly hectic schedules, mass consumers are also prioritising self-care. As a result, there has been a rise in at-home salon treatments, with Meesho reporting sales of 6,00,000 face packs, over 4,00,000 facial kits, 3,00,000 wax strips, 4,00,000 press-on nails, and 4,00,000 nail paints this year. <div type="Article" hostid="261" msid="112364583" title="Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart" mstype="2" mssubtype="0"></div> Not just this, yoga also made it to list, when it came to self-care. Meesho reported selling about 20 lakh yoga mats in just 6 months. And not just that, skipping and hula hooping also seems to be coming back in vogue, with consumers buying around 2 lakh skipping ropes and 75,000 hula hoops this year alone. SEE ALSO: <a href="https://www.businessinsider.in/business/article/5-lessons-startup-founders-can-learn-from-tech-mogul-elon-musk/articleshow/112375922.cms" data-type="tilCustomLink" target="_blank">5 lessons startup founders can learn from tech mogul Elon Musk</a>

India’s e-commerce boom: Gen Z, small cities, and self-care trends on the rise, says Meesho

<ul class="summary-list"><li>Online platforms reflect a growing demand for menopause care like hormone-replacement therapy.</li><li>More research is needed to better tailor virtual clinics' treatment plans.</li></ul>When Jodi Miller was 49, she started to experience mood swings, hot flashes, weight gain, and <a target="_blank" class="" href="https://www.businessinsider.com/teledermatology-future-of-skincare-musely-ceo-jack-jia-2024-6">adult acne</a> — some of the many <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/reproductive-health/menopause-age">symptoms of menopause</a>.When Miller, then a middle-school teacher in Rochester, New York, sought care from her OB-GYN, she said she felt dismissed."I was told to stop focusing on the negative and to start focusing on the positive," Miller, who is turning 50 this month, told Business Insider.Levels of estradiol, or estrogen produced by the ovaries, typically drop to below 20 picograms per milliliter, compared with the 40 to 300 pg/mL produced during a normal menstrual cycle, according to Dr. Mary Jane Minkin, an OB-GYN and clinical professor of obstetrics, gynecology, and reproductive sciences at the Yale School of Medicine.This hormonal shift can lead to hot flashes and night sweats and negatively affect bone health, cardiovascular function, cognition, and skin elasticity. It can also lead to discomfort during sex because these hormonal shifts contribute to the thinning and drying of a woman's vaginal walls, Minkin said.Frustrated by the lack of support for her menopause symptoms, Miller reached out to Midi Health, a virtual care clinic that specializes in helping patients navigate <a target="_blank" class="" href="https://www.businessinsider.com/perimenopause-symptoms-tech-founder-shares-treatment-2024-9">perimenopause</a> and menopause, or the stages in midlife when a woman's hormones fluctuate and then decrease drastically.Since launching in September 2022, Midi Health says it has served more than 100,000 patients. It's one of a few dozen <a target="_blank" href="https://sjfventures.com/sjf-ventures-market-analysis-outlines-startups-disrupting-menopause-care-and-opportunities-for-investors/#_ftn3">menopause-care startups</a> that have launched since 2010 and one of a handful of virtual and hybrid clinics that offer menopause-symptom support, such as hormone-replacement therapy, to women.An estimated 1.3 million women in the US reach menopause each year. Now, as millennials — one of the country's largest generational groups — enter their 40s and many begin to experience perimenopause symptoms, some health professionals anticipate an uptick in patients seeking this specialized care.<h2 id="cabb2b87-466e-4def-9596-2a67fa519cac">Patients are demanding solutions for common and debilitating menopause symptoms</h2>The menopause market — which includes supplements, medical devices, HRT, and telehealth services — is valued at an estimated $5.3 billion in the US and projected to grow by about 4.8% each year until 2030, according to an analysis from Grand View Research, a US- and India-based consulting firm for the energy, healthcare, and technology industries, among others.One reason menopause-care initiatives are gaining visibility is women's increasing presence in executive roles in the workplace, said Dr. Neel Shah, the chief medical officer of Maven Clinic, a digital platform that employers and health plans use to provide care for women and families.With more women in top decision-making and hiring roles — many experiencing perimenopause or menopause themselves — there tends to be more awareness and empathy for employees seeking this type of midlife health support, Shah said.And <a target="_blank" class="" href="https://www.businessinsider.com/how-employers-can-help-menopausal-women-2022-1">companies need to retain talent</a>, so preventing absenteeism and attrition due to employees' severe perimenopause or menopause symptoms could motivate employers to seek solutions like telehealth clinics for their workers, Shah said.Miller, for example, said that her hot flashes and heart palpitations made it difficult for her to teach her classes. She was also transitioning to a career in higher education at the time and becoming an empty nester."I felt so horrible, and my energy levels were so low that I was ill-equipped to manage it all," Miller said.Shah added that millennials entering perimenopause and menopause may be more willing to advocate for the care they want than previous generations experiencing the same symptoms.Fortunately for Miller, a combination of treatments — including low-dose HRT for estrogen and progesterone, another sex hormone — helped her manage tough-to-handle symptoms. After undergoing the therapy, she said she experienced fewer hot flashes and an increased sex drive. Miller's doctor also prescribed her a low-dose antidepressant to help get rid of her mood swings and a GLP-1 medication to help her lose about 60 pounds, which helped regulate her blood pressure.According to Joanna Strober, Midi Health's CEO and cofounder, doctors may also prescribe supplements and lifestyle changes to patients who want to manage their symptoms.<h2 id="4b765042-0d6a-48bb-8bfe-e17b54eb8608">Ramping up menopause research</h2>As the demand for women's midlife-healthcare support grows, research and education are critical to improving treatments and support."We started Midi out of a realization that very few doctors or medical providers are trained in understanding the issues of women in this age category, particularly with regard to their hormones," Strober said.Knowledge about perimenopause and menopause is still evolving, so more research into effective treatments and interventions is needed to improve and tailor treatments, Minkin said.Researchers are collecting data as part of two long-term National Institutes of Health projects: "The Study of Women's Health Across the Nation" and "Menopause Strategies: Finding Lasting Answers for Symptoms and Health." These studies aim to develop a better understanding of women's menopause symptoms like depression, insomnia, and hot flashes, with the goal of developing <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/reproductive-health/how-to-stop-hot-flashes">more helpful treatments</a>.Another influential — but controversial — piece of research has been the Women's Health Initiative. Study results published in 2002 described some types of HRT as increasing some health risks, such as breast cancer and blood clots. In response, doctors resisted prescribing the therapy, Shah said.However, the interpretation of the data in the media and in clinical practice lacked nuance, and secondary research papers have since demonstrated HRT's benefits in most women, according to Shah. "To be honest, the medical profession is still catching up on the data," Shah said.To further address the need for perimenopause and menopause research and medical care, Congress introduced in May the bipartisan Advancing Menopause Care and Mid-Life Women's Health Act. The bill is being reviewed by the Senate Committee on Health, Education, Labor and Pensions. If it's passed, the legislation would boost federal research and public-health promotion of menopause care. Additionally, in his 2024 State of the Union address, President Joe Biden called on Congress to invest $12 billion in women's health research, which would include menopause.Most recently, a phase 3 Bayer study found that the nonhormonal treatment elinzanetant can help reduce the severity and frequency of hot flashes, according to a September 10 press release from the pharmaceutical company.<h2 id="4a418015-96ba-41b3-bf0f-9ec33fffe2f5">Expanding treatment options and providers for patient satisfaction</h2>Overall, Minkin said, advancing women's health during perimenopause and menopause requires a comprehensive approach that blends technological innovations like online care platforms with strong research and educational initiatives.An estimated 30% of residency programs in the US offered a formal menopause curriculum, according to a 2023 report published in the journal Menopause. Minkin said this may be a lingering effect of the Women's Health Initiative's preliminary results. She added that an increased focus on menopause across all levels of medical training was needed."Addressing the physiological, mental-health, and social-support needs of women during these stages of life demands a multifaceted strategy," Minkin said. "By integrating technological tools with a strong foundation in research and education, we can work toward closing this gap and improving menopause care for all women."After roughly a year of treatment for her menopause symptoms, Miller is flourishing."I'm getting my doctorate in higher educational administration, and I would have never been able to navigate such an enormous responsibility without menopause care," Miller said. "I feel like anything is possible now."

Women are demanding better menopause care. Online platforms are heeding the call.

<keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="261" meta.entityid="Sebi">Sebi</keyword>'s whole-time member Ashwani Bhatia on Friday asked chartered accountants to be more diligent while <keyword id="20233802" type="General" weightage="20" keywordseo="auditing" source="keywords">auditing</keyword> companies <keyword id="22260830" type="General" weightage="20" keywordseo="listed" source="keywords">listed</keyword> on the SME exchange platforms. Addressing an industry event of <keyword id="20253262" type="General" weightage="20" keywordseo="CAs" source="keywords">CAs</keyword>, Bhatia said it is important to look at the listed <keyword id="20086849" type="General" weightage="20" keywordseo="SMEs" source="keywords">SMEs</keyword> (Small and medium-sized enterprises) in a more careful way because the same companies will grow to be a part of the main board in the future. "We have seen some challenges there (SME platform). We request you to be extra careful as far as SME IPOs and fundraising are concerned because these small companies will become much, much bigger going forward," the banker-turned-capital markets regulator said. Bhatia expressed satisfaction with the progress of the SME platform, stating that Rs 14,000 crore has been raised by such entities, with Rs 6,000 crore being raised in FY24 alone. He compared the CAs to "doctors", and added that they act as first-level regulators by ensuring orderly conduct of companies. Bhatia said many Sebi investigations and orders, which take over a year to complete, may not be necessary at all if the CAs had done their work more diligently. It can be noted that in March this year, Sebi chairperson Madhabi Puri Buch had flagged concerns around "price manipulation" in the SME platform listings and trading, and asked investors to be cautious. Meanwhile, addressing CAs on Friday, Bhatia recalled the conduct of SBI's past chairman R K Talwar and said that the strength of character of the leader helps create "great institutions". He also said that despite the regulator coming out with regulations to enable delisting, the experience has been the "reverse" with little interest on that front. The whole-time member hinted that the low interest in delisting is due to high valuations, and added that even foreign companies are looking at listing in India. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Sebi asks CAs to be 'extra careful' while auditing listed SMEs

India's services sector showed robust expansion in October, per the <keyword id="22267674" type="General" weightage="20" keywordseo="HSBC-India-Services-PMI" source="keywords">HSBC India Services PMI</keyword> (Purchasing Managers' Index), which rose to 58.5 last month, up from September's ten-month low of 57.7. October's figures managed to exceed even the long-run PMI average of 54.1, largely on the back of a strong sales pipeline and elevated demand. Employment, or job creation in this sector accelerated to its fastest growth rate in 26 months. Anticipating solid, sustained demand in the near term, firms added new employees at the most rapid pace in over 2 years. October also saw <keyword id="23834175" type="General" weightage="20" keywordseo="input-costs-rise" source="keywords">input costs rise</keyword> at their fastest pace in 3 months, indicating renewed demand and economic activity in the country. The ISM Services PMI, an indicator of the economic health of the US, also exceeded expectations, reaching 56.0 compared to the forecasted 53.8, suggesting strong growth within the services sector. "During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high," said Pranjul Bhandari, Chief India Economist at HSBC. The sector saw increased business activity across multiple fronts, with export sales showing significant growth and companies reporting stronger demand from international markets including Africa, Asia, the Americas, the Middle East, and the UK. However, industry experts remain cautiously optimistic about the sector's prospects. Suman Chowdhury, Chief Economist at Acuité Ratings &amp; Research, noted that while the October recovery is promising, several factors warrant careful monitoring. “The recovery in the PMI indices in October 2024 is promising for the second half of the fiscal after the dip in several high-frequency indicators in September 2024. Industrial and service activity has expectedly received a boost from the anticipated spike in consumption demand in Q3 FY25, driven by the festivities and the marriage season," she said. Chowdhury added that it will be crucial to monitor the sustainability of these PMI indices at these elevated levels, given the reported weakness in urban demand in Q2 as flagged by FMCG companies. She also noted that potential increases in wholesale and core retail inflation, combined with higher input costs and wage pressures, could delay expected interest rate cuts. RBI governor Shaktikanta Das also noted that inflation and CPI figures for October might be elevated, pushing ahead any chances of interest rate cuts in the near future. Acuité Ratings &amp; Research maintains its GDP growth forecast at 7.0% for FY25 while acknowledging the multiple downside risks that will require close observation in the coming months.

India's Services Index jumps to 58.5 in October as employment grows the fastest in 26 months

Gina Papini honestly isn't sure whether she got taken for a ride on <a target="_blank" href="https://www.businessinsider.com/personal-finance/should-i-get-pet-insurance">pet insurance</a>, but it's pretty clear she didn't get much bang for her buck.Papini and her husband decided to add coverage for their two dogs and their cat when it was offered in 2021 as a bundle with their home-insurance plan. It seemed like a simple way to protect their pets' health. But the whole endeavor wound up being a headache. The pets' <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-an-insurance-premium-definition-cost">combined premiums</a> cost hundreds of dollars a month, she says, and the coverage proved far less comprehensive than they anticipated. The couple never really needed to use the insurance for their two younger animals, and for their older dog, Kato, the process was a mess. Whenever Kato wound up at the vet, usually with stomach issues, they'd pay the bill and then submit it to the insurance company, which would then balk at reimbursing them."We thought it would save us money in the long run if we got it, but then they would refute claims and say, 'Well, this could have been a preexisting condition,' and preexisting conditions aren't covered," Papini said. "You need extra vet paperwork to back up that it wasn't. And so then you just get to a point where you're jumping through so many hoops."Papini and her husband got tired of dealing with all the rigamarole and axed their insurance plan after a year. Despite paying thousands of dollars in premiums, they never saw a single reimbursement.<a target="_blank" href="https://www.businessinsider.com/half-owners-say-pets-equal-human-family-member-survey-2023-7">People love their pets</a>, and they're willing to do a lot for them, <a target="_blank" href="https://www.businessinsider.com/protect-finances-pets-likely-recession-2022-11">financially</a> and otherwise. The American Pet Products Association has estimated that Americans spent $147 billion on their animals in 2023, including $38 billion on their healthcare. This level of attachment has helped turn the pet insurance industry into a lucrative and rapidly expanding market. The North American Pet Health Insurance Association found that pet owners in the US paid $3.9 billion in premiums in 2023, a 22% increase from the year before. Some 6.25 million pets in the US were insured as of the end of 2023, per NAPHIA. That's still a small fraction of all the pets in the country, given that there are over 80 million pet dogs and 60 million pet cats, according to the American Veterinary Medical Association. But it's growing.As pet insurance becomes more prevalent, so too do the questions about it. While some people swear by it, others think it's a scam. One thing is for sure: As the industry grows, pet insurance is becoming as <a target="_blank" href="https://www.businessinsider.com/insurance-companies-get-you-to-pay-more-deny-claims-2023-10">confusing and messy</a> as health insurance is for humans. It's barely regulated, and deciphering what it does and doesn't encompass can be super confusing. Just like <a target="_blank" href="https://www.businessinsider.com/how-to-fight-rejected-insurance-claims-2013-11">regular health insurance</a>, coverage for pets often winds up being riddled with loopholes and fine print that allows insurers to deny claims, declining to pay for the very care that motivated consumers to buy the policy in the first place. Because consumers pay up front, they often don't realize they won't be reimbursed until it's too late. Pet insurance gets pricier over time, meaning many people can no longer afford to keep their coverage just when they might start to need it.In short, pet insurance isn't a grift — some people do end up using their benefits. But for many people, insuring their furry friends ends up being a money suck.Pet insurance isn't technically even health insurance; it falls in the property-and-casualty category. It's generally regulated pretty lightly by states. There are no broad federal regulations around it, and only a handful of states have laws and standards around it specifically. How it usually works is people pay a monthly premium, and after they've paid a vet bill, they submit it to the insurer to try to get their money back. Just as with human health insurance, there are also deductibles and copays and annual limits on how much the policy will pay out. There are three categories of pet insurance: accident only; accident and illness; and accident, illness, and wellness. Adding more coverage makes the policy more expensive. Accident and accident-illness policies cover costs only if something goes awry — Rover gets into a rough fight at the dog park or develops arthritis. Fancier, more-comprehensive policies also cover wellness visits and preventive care, like dental care and vaccines. No matter the policy you choose, insurance <a target="_blank" href="https://www.businessinsider.com/personal-finance/average-cost-pet-insurance">can get expensive fast</a>. Premiums generally go up each year as a pet gets older. And <a target="_blank" href="https://www.businessinsider.com/soaring-home-car-insurance-rates-hurting-americans-finances-us-economy-2023-11">as with many insurance products</a>, pet-insurance premiums across the board are on the rise because of inflation and the increasing cost of care."The big problem with pet insurance is it's just an expensive product," said Kevin Brasler, the executive editor of Consumers' Checkbook, a consumer watchdog group. "If you're going to be one of these plans, buy it when your pet's young, but just know your costs are likely going to skyrocket as time goes on."Even if a pet owner can find an affordable policy, they may have trouble deciphering what's covered. <a target="_blank" href="https://www.businessinsider.com/personal-finance/preexisting-conditions-in-dogs">Pet insurance almost never covers preexisting conditions</a>, and what <a target="_blank" href="https://www.businessinsider.com/what-counts-pre-existing-condition-bcra-trump-obamacare-2017-7">qualifies as preexisting</a> can be quite broad and hard to parse. (It's wild that <a target="_blank" href="https://www.businessinsider.com/obama-jimmy-kimmel-healthcare-preexisting-conditions-2017-5">we used to do this for people</a>, by the way.) If you get a policy for your puppy before it has a chance to develop any problems, it might be a good deal. But if you have a 10-year-old dog with diabetes, that's a different story. I got some quotes from the website Pawlicy Advisor for my fictional dog, a mixed breed named Dan. When I changed the inputs to make Dan a six-month-old in optimal health, the platform recommended a policy starting at $28 a month. When Dan was 10 and had some issues, the first policy it suggested was $125, and some plans were about $350.Michael San Filippo, a spokesperson for the American Veterinary Medical Association, said in an email that the group endorsed the "concept" of pet health insurance, which can help keep vet costs down and save animals' lives, but he acknowledged that when the rubber hits the road, it can get hard to figure out."It's important that pet owners understand the scope of what their pet insurance does and does not cover, so they're not caught off guard by unexpected payments," he said.Even getting good advice on which pet-insurance policy is right for you can be a challenge. There are endless listicles recommending various policies, as well as websites dedicated to comparing insurers. The sheer volume of information can be hard to parse. It's also difficult to differentiate what is genuine advice and what's paid for. Many comparison tools get <a target="_blank" href="https://www.businessinsider.com/how-to-earn-six-figures-with-affiliate-marketing-websites-2023-5">commissions for sales</a> made through their platforms, so what they're recommending may not actually be the best option — it's just the one <a target="_blank" href="https://www.businessinsider.com/youtube-creators-discuss-new-affiliate-program-rates-features-2024-3">they'll make money off of</a>. (This is <a target="_blank" href="https://www.businessinsider.com/the-affiliate-marketing-report-how-mainstream-publishers-are-turning-performance-based-marketing-into-a-fine-art-2015-11">true for all sorts of platforms</a> that compare and recommend financial products, from credit cards to travel insurance.) The spread of these lists also points to another problem with the industry: the corporatization of pet insurance. Doug Kenney, a retired veterinarian who writes about the pet-insurance industry, said in an email that a decade ago, most pet-insurance companies were considered small businesses and were led by a founder/CEO with a vision for the company. Over time, these companies took on larger corporate structures, and some founders were pushed out by their boards. Nowadays, there are many large pet-insurance companies, some of which specialize only in pets, others of which are larger insurers that offer pet insurance, and many of which are publicly traded, meaning they ultimately answer to shareholders."This new structure has been a detriment to the industry with profit as the primary motive versus what is in the best interest of the consumer," Kenney said. "I used to say that pet insurance was a win, win, win proposition with the insurance company, veterinarians, and the policyholders and their pets all benefiting. I don't think that's the case anymore."Reporting this story, I fully expected to come down on one side or the other on whether pet insurance is good or bad. But I really didn't come up with an answer. I heard about a wide array of experiences with pet insurance, from awesome to mediocre to awful. One woman saved $4,000 on vet bills thanks to her insurance after her cat ate a pom-pom toy and the doctor had to fish it out. One man looked into getting coverage for his two cats after learning that both had extra teeth, but the minute they were documented, those overcrowded mouths became a preexisting condition. Another woman adopted a dog from Mexico with a "pretty wonky leg" that's "very noticeable." At her first vet appointment with the animal, the doctor told her to apply for pet insurance. She said she wouldn't note the leg on the dog's chart so the application would be approved — everyone agreeing to do a <a target="_blank" href="https://www.businessinsider.com/insurance-fraud-artificial-intelligence-detection-2023-10">light amount of insurance fraud</a>. In a purely financial or economic sense, pet insurance seems pretty worthless for many consumers. There are too many exceptions, too many hoops to jump through, and little regulatory recourse if you think you got taken for a ride. Unless something goes really awry, people pay more into their policies than they get out of them. Brasler was pretty blunt in his assessment of the overall product."You really need to think carefully about 'What kind of pet owner am I?' No judgments," he said. "This is a really expensive product. It's not likely to save you money down the road, and if it does, you're an outlier."Ultimately, a lot of the value of this sort of insurance is emotional. It's possible to do some back-of-the-envelope calculations to figure out the lifetime cost of a policy, but the personal side of the equation is considering how much you're willing to spend on your furry friend. Maybe you feel like spending $10,000 over the course of your pet's life on insurance is worth it for the peace of mind. Or maybe you forgo insurance, figuring that if your companion has a serious health problem, you'll make the decision then to spend the money on them — or not. (Again, no judgments!)As for Papini, she's not getting back on the pet-insurance train. It was just too hard to deal with, and her husband is still cranky about the ordeal. She knows they're fortunate to be able to pay out of pocket for their animals' needs, which remain expensive. Kato now has cancer, and the treatments cost thousands of dollars. Would the insurance be worth it now? It's hard to know."Who's to say they wouldn't have been like, 'Well, he had diarrhea in 2017, so therefore it's a preexisting condition,'" she said. "Then we would've spent thousands of dollars for the insurance, never been able to use it, and still had to pay out of pocket on top of it."<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Pet insurance is booming. It's also mostly worthless.

<div type="image" title="Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment" msid="115018213" hostid="261" caption="&amp;lt;p&amp;gt;Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment&amp;lt;/p&amp;gt;"></div> It's time to move over from plain, vanilla budget basics! Indians are no longer looking for “best purchases and value buys under Rs 1,000”—at least not as much as before. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s getting fancy, and how! From gold-flaked chocolates to swanky SUVs that look like they’re wheeled straight out of a Bollywood blockbuster, Indian companies are rapidly jazzing up their product lines, even faster than you can say the word "premiumization." But what does this mean for Indian companies and consumers? What is this jazz about premiumization all about? Is it just urban India that’s riding this wave, or has rural India also joined the bandwagon? We decode for you. <h2>What's premium, really?</h2>Imagine you’re eating Pav Bhaji at a roadside thela. Later during the day, you decide to dine out at a fancy, upmarket cafe, only to find Pav Bhaji Fondue on the menu. Same same, but much more expensive—often 5 to 10 times higher—for a little more hygiene and some better ambience! Think of premium products as this fondue. They are a notch up your regular, daily-use products soaps or shampoos, and even cars, all packaged luxuriously, offering just about the right touch of quality. The main differentiator, though, would be the price range. <h2>Driving home premium wellness</h2>A recent report by Nielsen suggests that over 70% of urban Indians are okay with paying a premium for their products. And companies are cashing in on this sentiment like never before. This explains why 58% of new products launched so far this year have been in the premium+ segment, as opposed to just 38% of new launches in regular, traditional trade. Take cars, for instance. Indians are no longer vying for a good old <keyword id="19950117" type="General" weightage="20" keywordseo="maruti" source="keywords">Maruti</keyword> 800 or <keyword id="20400567" type="General" weightage="20" keywordseo="alto" source="keywords">Alto</keyword>, traditionally known for their healthy mileage, but are rather happy investing in more swanky features that come along with high-end cars. In October 2024, India’s largest car manufacturer, <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, sold 65,948 units of its compact cars like Swift, WagonR, Dzire, and more. Compared to the year-ago period, which saw sales of 80,662 units, this was an 18% dip. But take a look at their SUV (sport utility vehicle) sales for the same period. Cars like Brezza, Ertiga, and Grand Vitara sold about 70,644 units, a 19% uptick from the sales made in October 2023, i.e. 59,147 units. Simply put, when it comes to cars, Indians are saying the bigger, the better! The same is true for India's second biggest automobile manufacturer, Hyundai. Its SUV lineup made up a staggering 68.2% of the firm's total sales made for October 2024. What's more, SUV demand remained largely consistent across urban and rural markets. <h2>Consumers are inching up</h2>FMCG (fast-moving consumer goods) are also riding the premiumization wave, with Indians prioritizing their health and wellness and not bothered about dishing out a few extra bucks for the same! You’ll find no dearth of words like organic, vegan, gluten-free, and sugar-free, peppered generously over every product you’ll see today, be it soaps, juices, or more. No wonder then, sales from premium segments in 2024 make up around 27% of all FMCG sales and even contribute a massive 42% to the sector’s value growth in India. Nielsen report further adds that luxury brands that position themselves at twice the price of their category’s average are even witnessing stellar growth. In fact, for most FMCG brands like Tata Consumer Products, <keyword id="20002610" type="General" weightage="20" keywordseo="hindustan-unilever" source="keywords">Hindustan Unilever</keyword> (HUL), Dabur, and Nestle, it is this premium segment that is growing much faster than their regular ones. And it's not just about daily-use products; Indians are also taking their celebrations a step over. Spirits manufacturer <keyword id="20125704" type="General" weightage="20" keywordseo="radico-khaitan" source="keywords">Radico Khaitan</keyword> highlighted that for the first half of 2024, their prestige &amp; above segment made for 88.4% of its net sales value. In the same period, the regular popular segment accounted for just 9.1% of their net sales. From Hindustan Unilever, which saw its premium products grow 30% over the last quarter, to <keyword id="20521971" type="General" weightage="20" keywordseo="kingfisher" source="keywords">Kingfisher</keyword> beer's parent company, <keyword id="20124009" type="General" weightage="20" keywordseo="united-breweries" source="keywords">United Breweries</keyword>, whose premium product sales volume jumped by 27% during the quarter as opposed to just a 5% rise in overall volumes, everyone is seemingly taking their lifestyle a notch above. Per the Nielsen report, in 2024, a typical global consumer spends about $13.7k per year. This is set to grow by around 2.4% to $14k as early as next year. Even a report by Goldman Sachs also highlighted a similar trend, noting that India’s affluent class, or those earning over $10,000 (Rs 8,42,694.97), is set to reach 100 million in the next 3 years. And where will this consumer spend? On premium products! <h2>Online shopping shifts from mass to class</h2>Amazon’s Great Indian Shopping Festival, which was live between September 27 and October 29 this year, saw 140 crore customers, more than 85% of whom came from non-metro Indian cities. On the site, there was a 400% spike in sales in premium sales across categories like watches, fragrances, handbags, jewelry, and more. Rival <keyword id="19896939" type="General" weightage="20" keywordseo="flipkart" source="keywords">Flipkart</keyword> noted a similar trend, recording 1.8x growth in premium beauty and personal care products during the first half of this year. <h2>Dialing in premiumness</h2>The Indian smartphone ecosystem has always been dominated by basic phones, or those entry- and mid-range phones that are priced between Rs 10,000 and Rs 6,000. But that has changed in recent times, with premium smartphones (i.e., those priced over Rs 60,000) registering 20%+ growth in 2024. During the first quarter of this year, sales of mass phones (priced between Rs 10,000 and 20,000) reached 44%, compared to 51% in the year-ago period. But it's all sunny and shiny in the mid-premium (priced between Rs 40,000 and Rs 60,000) and super-premium segments (priced above Rs 60,000). Sales growth has burgeoned by as much as 27% and 86% in these categories, respectively. As India continues its march toward becoming the world's third-largest economy by 2027, the premium party is just getting started. Industry experts predict that premium segments will grow faster than you can say "sustainable organic handcrafted artisanal batch of coffee." So the next time you see someone dropping serious rupees on a fancy bottle of black water that also somehow plays music and tracks their hydration (yes, that's a thing), remember: This is just the trailer. Picture abhi baaki hai, mere dost! Do you have a topic in mind you'd want a simpler explanation for, or insights or experiences to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: From Dal to Dolce—India is loving its luxury life

The residential market shows a positive outlook, with 51% of stakeholders predicting higher sales over the next six months. However, a notable 24% expect stability, while 25% predict a potential decrease, reflecting a balanced yet cautious sentiment, as per a recent <keyword id="19895043" type="General" weightage="20" keywordseo="Knight-Frank" source="keywords" meta.keywordsubtype="org" meta.entityname="Knight Frank" meta.hostid="261" meta.entityid="Knight Frank">Knight Frank</keyword> report. The outlook for residential launches is also positive, with 61% expecting an increase, suggesting continued demand. A more tempered view is held by 20% of respondents who expect stability, and 19% foresee a decrease in launches. The Indian <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> continues to reflect a positive outlook for the near future, though with a more cautious approach. In terms of pricing, 63% of stakeholders expect a rise, but 36% anticipate stable prices, and a very small minority predict a decline. G Hari Babu, National President, National Real Estate Development Council (<keyword id="20429653" type="General" weightage="20" keywordseo="naredco" source="keywords">NAREDCO</keyword>), said, "The residential and office markets continue to show notable activity, signaling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook." He added, "This suggests that while there may be short-term challenges, the sector is well-positioned to adapt and thrive. The continued optimism and activity in the market highlight the sector's ability to sustain its momentum and drive forward, amidst changing conditions." The <keyword id="22822547" type="General" weightage="20" keywordseo="office-leasing-market" source="keywords">office leasing market</keyword> shows signs of strong recovery, with 63% of respondents predicting an increase in leasing activity, driven by positive business sentiments and <keyword id="21313740" type="General" weightage="20" keywordseo="economic-revival" source="keywords">economic revival</keyword>. However, 24% expect stability, and 13% foresee a decline. New office supply also remains a point of interest, with 47% expecting an increase, while 29% anticipate stability, and 24% forecast a decrease. Furthermore, 67% of stakeholders expect office rents to rise, signaling confidence in the market's ongoing growth, even as 27% anticipate stable rents and 7% expect a decrease. The <keyword id="20635920" type="General" weightage="20" keywordseo="future-sentiment-score" source="keywords">Future Sentiment Score</keyword>, which measures stakeholders' outlook over the next six months, saw adjustments across various regions. The North Zone score slightly decreased from 65 in Q1 2024 to 63 in Q2 2024, though it remains firmly optimistic. The South Zone witnessed a more significant drop from 76 to 65, signaling a moderated outlook. In the East Zone, the score fell from 77 to 65, largely influenced by the discontinuation of the 2% stamp duty cut. The West Zone also saw moderation, with the score dipping from 73 to 66, though it too, remains optimistic. The overall Developer Future Sentiment score decreased from 72 to 61, reflecting a more guarded approach. Developers, while cautious, continue to remain optimistic due to strong sales since early 2023. On the other hand, the Non-Developer Future Sentiment core, which includes financial institutions and PE funds, also moderated from 73 to 68. This shift indicates stakeholders' careful consideration of macroeconomic concerns. Optimism in India's broader economic scenario remains strong, with 59% of respondents expecting an improvement, reflecting confidence in the country's economic resilience. However, 24% foresee stability, and 17% predict a decline, underscoring global economic uncertainties. Meanwhile, 51% of respondents anticipate increased funding availability for real estate investments, reflecting continued confidence in the financial sector's support for the real estate market. Shishir Baijal, Chairman and Managing Director of Knight Frank India Pvt Ltd, noted, "As we transition through 2024, a host of factors are playing out globally. The global economic landscape shows resilience despite ongoing challenges. Inflation rates are gradually aligning with central bank targets, enabling a more supportive monetary policy. India, benefiting from stable post-election conditions, remains a strong growth beacon." He added, "Domestic consumption is robust, supported by consumer loans, though there are some signs of growth moderation. Food inflationary pressures persist, but are converging overall towards price stability targets. With a projected GDP growth rate of 7.2% for FY 2025, India's outlook remains positive. An effective monetary policy by the Reserve Bank of India has helped sustain growth with price stability, positioning India as one of the fastest-growing large economies globally." The Current Sentiment score, which reflects stakeholders' view of the market compared to six months ago, moderated from a decadal high of 72 in Q1 2024 to 65 in Q2 2024. This suggests a more measured outlook as stakeholders navigate evolving global economic conditions. Despite the dip, the score remains indicative of optimism. Looking forward, the Future Sentiment index also adjusted from 73 in Q1 2024 to 65 in Q2 2024, signaling a positive yet more conservative outlook for the near term. While macroeconomic uncertainties may dampen enthusiasm, stakeholders continue to show confidence in the sector's resilience and adaptability.

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