Affluent Indians’ spending on high-end fashion and electronics has grown and even surpassed jewellery spends. Read on to find out more!
Affluent Indians’ spending on high-end fashion and electronics has grown and even surpassed jewellery spends, finds a report. As per the media reports, high-end fashion contributed 42 per cent of total luxury spends in 2018. While highest proportion of luxury spends on jewellery in Delhi grew from 13 per cent (2013) to 39 per cent (2018), in Mumbai, it fell from 27 per cent (2013) to 23 per cent (2018). In Bengaluru, the share of spend at luxury retail increased from 53 per cent (2013) to 65 per cent (2018) and in Mumbai, it gained share from 36 per cent to 44 per cent.
Electronics sales in Hyderabad have seen a rise, with spends-share growing from 16 per cent (2013) to 52 per cent (2018).”India’s luxury market continues to grow with consumer behaviour maturing in the last five years,” Manoj Adlakha, CEO, American Express India, said in a statement on Monday. “While jewellery spending dominated the category till 2013, we have seen other segments – including electronic and high-end fashion grow in share, and even surpass jewellery spends in certain markets,” he added. Further, the report found that Kolkata and Chennai have emerged as new centres of luxury consumptionChennai witnessing a 65 per cent rise in luxury spending from 2017 to 2018, and luxury spending in Kolkata doubling from 2013 to 2018, then Delhi, Mumbai and Bengaluru. In cities such as Chandigarh, Ahmedabad, Jaipur and Udaipur, luxury retail spend share increased from 9 per cent to 59 per cent between 2013-2018.”With nearly 70 per cent of luxury spending in India contributed at top 15 per cent of merchants, there is a huge opportunity for retailers and local high-end merchants to understand customer demand and preferences, and tap into their aspirations,” Adlakha added. The report gives an insight into the shifting trends of luxury spending in India, and the emerging pockets of affluence beyond the three metros. It covers transactions and spends volumes at over 600 merchants finds jewellery, electronics, high-end fashion (apparel and accessories) and luxury retail to be the top categories of engagement for Indian affluents.