A recent report from the American express states that the percentage of Indians spending on high-end fashion and electronics has grown, and even surpassed jewelry. The report titled “Luxury Spend Analysis 2018” shows that high-end fashion contributed 42 percent of total luxury spends in 2018. In the major metro cities, the percentage sees rapid growth in comparison to the earlier expenses on Jewelry. In Delhi the luxury expenditure in the past 7 years grew from 13 percent to 39 percent, in Mumbai, there has been a fall from 27 percent to 23 percent. In terms of luxury retail, Bangalore sees growth from 53 percent to 65 percent and in Mumbai, it gained share from 36 percent to 44 percent.
In Hyderabad, there has been a great leap in electronics sale where the spends share has risen from 16 percent to 52 percent. India’s luxury market continues to grow with consumer behavior maturing in the last five years. It was that found that even cities such as Kolkata and Chennai have emerged as new centers of luxury consumption, Chennai witnessed a 65 percent rise in luxury spending from 2017 to 2018, and luxury spending in Kolkata doubling when compared to Delhi, Mumbai, and Bengaluru.
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 jewelry, electronics, high-end fashion (apparel and accessories) and luxury retail to be the top categories of engagement for Indian affluents.
