According to a recent survey, 1200 “Richie Rich” women of Mumbai, Delhi, Kolkata, Bengaluru, Chennai, Hyderabad, Jaipur, Pune and Ahmedabad are behind the consumption of luxury goods in India. The rise in purchase of luxury goods in India is due to affluent women emerging as buyers as they have better spending propensity and are thus conscious of their appearance. Their buying is worth more than a billion dollars and amounts to nearly 15% of the luxury market purchases. It comes to a whopping $1.125 million per person !
A large number of these women are professionals. Many have arrived into the C class as executives of multinational companies while some of them are business magnates. 20% of the women interviewed said they loved to splurge on jewellery, watches, apparels, shoes and personal products.
Even though women are adopting the western style of dressing their love for jewellery is still traditional, heavy gold jewellery is still in fashion with chokers and multi layered necklaces.
With the leading Bollywood ladies all endorsing one watch brand or another, the luxury watches have taken the Indian market by storm. Designer dresses and apparels are close at the heels of watches and jewellery. Traditional silks, Patiala saris are also quite highly priced. Shoes along with bags, clutches, hats and belts are also a huge attraction for the ladies. Following these products are cosmetics, perfumes and massage oils. Women seem to be living it up now and spending more and more on themselves.