Consumer expenditure in Sri Lanka has shown a robust recovery, reaching USD 42.65 billion in 2024. This notable increase over the past 18 months highlights a significant rebound from the economic downturn, according to Ramakrishnan Gopalan, Vice President & Head of Products for India & South Asia at Visa.
Gopalan noted that the country is witnessing a strong recovery, with more opportunities for high-end consumption in leisure and travel, supported by the government’s focus on tourism growth. The low inflation rate, coupled with an expanding tourism sector and the rise of value-added services for high-net-worth individuals, contributes to this positive trend.
He highlighted that post-pandemic, there has been a shift towards digital platforms and increased digital literacy. High-end consumers, who previously focused on purchasing consumer goods, are now turning their attention to lifestyle products and travel. In response, Visa has re-launched its Infinity cards with new features, including a WhatsApp chat bot for creating bespoke travel and diving packages globally.
The Visa 24×7 Concierge Service offers exclusive benefits such as access to the Visa Luxury Hotel Collection, Airport Limo Transfer program, and priority pass lounge access, catering to the affluent segment’s desire for personalized and preferential services.
As the affluent class in Sri Lanka grows, there is a noticeable shift in consumer preferences towards experiences and memories rather than just rewards and points. This shift reflects the broader global trend among high-net-worth individuals.
Avanthi Colombage, Country Manager for Sri Lanka & Maldives at Visa, emphasized that the affluent consumer segment’s increased spending capacity contributes directly to economic growth. Visa’s commitment to this segment includes offering substantial discounts on various services and celebrating their 35th year with a pledge of LKR 13 million (USD 40,000) to support women-led SMBs in Sri Lanka, aiming to improve economic outcomes for women entrepreneurs.