New Delhi, May 24 -- India's consumption story is undergoing a sharp shift, with households increasingly spending on mobile data, OTT platforms, premium smartphones, live events and foreign travel, while the share of food and staples in household budgets continues to decline, according to a thematic report by Kotak Mutual Fund.

The report titled "The Great Consumption Shift" said, "Indian wallet has moved from cereal to data to OTT to mobiles," highlighting how India's spending patterns are being reshaped by digital consumption, experiences and premiumisation.

According to the report, India's foreign travel spending has surged nearly 450 per cent over the last eight years, reaching around Rs 1.45 lakh crore in FY26 up to February, makin...