Indians are spending more than ever before on high-end fashion
Affluent Indians’ spending on high-end fashion and electronics has grown, and even surpassed jewellery spends, finds a report.
The American Express’ report titled “Luxury Spend Analysis 2018” showed that high-end fashion contributed 42% of total luxury spends in 2018.
While highest proportion of luxury spends on jewellery in Delhi grew from 13% (2013) to 39% (2018), in Mumbai, it fell from 27% (2013) to 23% (2018).
In Bengaluru, share of spend at luxury retail increased from 53% (2013) to 65% (2018) and in Mumbai, it gained share from 36% to 44%.
Electronics sales in Hyderabad have seen a rise, with spends-share growing from 16% (2013) to 52% (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 consumption
Chennai witnessing a 65% rise in luxury spend from 2017 to 2018, and luxury spending in Kolkata doubling from 2013 to 2018, than Delhi, Mumbai and Benguluru.
In cities such as Chandigarh, Ahmedabad, Jaipur and Udaipur, luxury retail spend share increased from 9% to 59% between 2013-2018.
“With nearly 70% of luxury spending in India contributed at top 15% of merchants, there is a huge opportunity for retailers and local highend 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 spend 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. IANS