Home / Knowledge / News / Fashion / India's super rich not awed by shopping abroad
India's super rich not awed by shopping abroad
28
Jul '16
With more and more international brands opening stores here, India's super rich now prefer to shop at home rather than in Dubai, Singapore or Europe. They spend the most on jewellery and apparel, followed by vacations, says a Top of the Pyramid report by Kotak Wealth Management.

Almost six out of 10 ultra high net-worth individuals (HNIs), shop locally the report said attributing the trend of shopping more at home to the fact that 64 % of HNIs were impulsive buyers of apparel and accessories.

The ultra HNI population is 146,600, according to the report. These are people who have a family wealth of over Rs.25 crore or annual income of at least Rs 3 crore.

The total worth of ultra high net-worth households increased by 5.5% from a year ago to Rs.135 trillion in fiscal 2016. It is set to increase almost two-and-a-half times to Rs 319 trillion by fiscal 2021, driven by addition of new members from emerging sectors and new avenues for investment that give higher returns.

Little wonder luxury brands are expanding in India, said the report, based on the survey that covered 225 ultra HNI individuals in 12 cities between January and March early this year.

The number of luxury brands and stores has gone up in the last 2-3 years . For instance, Genesis Luxury Fashion Pvt. Ltd, which distributes premium international brands such as Paul Smith, Bottega Veneta, Jimmy Choo and Armani, opened eight new stores across India last year taking its total store count to 47 across the five metros. The company also launched Coach, a bridge to luxury accessories brand known for its handbags, in Mumbai last year.

Another reason for HNIs preferring to shop home is that the environment in home has become more conducive for them as they are getting the same experience here as they got when shopping abroad. “Now that has changed, allowing them to spend more time on other activities when they are abroad than spending time on shopping,” Harminder Sahni, founder at Wazir Advisors, a consultancy, told Live Mint.

With more luxury brands entering India, the prices have also come down. Earlier such products in India cost as much as 40% more than their prices overseas. That difference has now come down to about 10-12%, which is not much.

“Moreover, in some countries such as Italy, consumers have to give passport details for bills above €1,000. So they may not like doing that,” said Darshan Mehta, chief executive officer at Reliance Brands, which retails luxury and premium brands such as Ermenegildo Zegna, Brooks Brothers and Pink.

Also, with increased use of technology and innovation, a new spending segment has emerged for the ultra rich: wearables. The report said 57% of ultra HNIs use wearable devices.


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search