Not just the academic courses but students across India are learning unique extra-curriculum activities at home. The online has extended the demand for such courses. The extracurricular market is projected to reach $5.8 billion in India in 2021 and set to rise in the coming years, reveals a study by IIM-Kozhikode students.
It also projects the internet using population to reach about 80 per cent of 1.4 billion Indians by 2025 and estimated to lead to 9.23 percent growth in the extracurricular market
Out of 2280 households surveyed, 63 per cent of parents have an average income of below 6 lakhs and believe Rs 850 per/month is the appropriate average amount to spend on online co/extra-curricular education per child. Additionally, they are willing to invest 3-4 per cent of their disposable income in their child’s extracurriculum education, as per the study.
The survey findings also reveal that parents with lower income bracket will contribute approximately $1.24 billion to the online extracurricular market. While 23 per cent of parents who have an income between Rs 6 to 10 lakhs will contribute approximately $2.27 billion to the market. Additionally, 14 per cent of parents with an income above Rs 10 lakhs will contribute approximately $2.33 billion to the market.
The growth of the extracurricular market is led by the increased penetration of smartphones and the internet in tier-1, 2, 3 and other cities.
As per the findings of the survey, the popularity of Co-curricular among Indian students is 36 percent debating, 28 percent science club, 25 percent art and22 percent book club. On the other hand, 80 per cent of parents cited visual arts as their preferred extra-curricular or co-curricular activity. Further, 76 per cent of parents responded performing arts like dancing and music their preferred activities and 30 percent of parents wanted to opt for more than 3 ECA segments.