Retail

India sees rise in luxury spending: Survey

05 Jan '24

2 min read

Pic: Adobe Stock

Insights

In India, there's an increasing trend towards luxury spending, with 18 per cent of consumers aiming to splurge on high-end fashion and luxury goods.
This shift comes even as 79 per cent of the population still leans towards more economical choices.
Overall household spending has risen for 58 per cent of families, while remaining consistent for 35 per cent.

India has seen an intriguing shift in consumer behaviours and spending patterns, particularly in the luxury segment, according to the Axis My India's latest India Consumer Sentiment Index (CSI) Survey. According to the survey, 18 per cent of respondents are gearing up to splurge on high-end fashion and luxury goods, despite the general trend towards budget-conscious spending, with 79 per cent opting for more economical choices.

This growing interest in luxury items emerges in a context where overall household spending has increased for 58 per cent of families, while remaining steady for 35 per cent. The net score for household spending is reported at 50, mirroring last month's figures.

The December net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at 10.3, which is an increase of 0.3 from the last month.

“As we start the New Year, our findings offer a lens into the dynamic interplay of consumer choices and financial strategies. The festive period, with its unique blend of luxury spending and economical choices, reflects a complex yet telling narrative about our society's financial adaptability and prudence. This nuanced approach to consumption indicates a deepening awareness among individuals and families of the need to balance present enjoyment with future security,” said Pradeep Gupta, chairman and MD, Axis My India.

Fibre2Fashion News Desk (DP)

More Retail News - India...