retail customer
The spending habits of India’s rich people are changing rapidly. Now, like before, they are not just spending money on buying clothes, gadgets or other goods, but are paying more attention to travel, luxury dining and special experiences.
Declining share of retail
According to the report, despite the increase in total expenditure, the share of retail is decreasing. While among the emerging rich class, about 50% of the expenditure is on retail, whereas among the very rich it comes down to about 28%. The reason for this is that people are now spending more on travel, entertainment and lifestyle experiences.
Growing trend towards experiences
Experts believe that now wealth is determined not just by earning but by where people spend their money. Today’s consumers are placing more importance on experiences like concerts, wellness retreats and exclusive events. This means that the trend of having more experiences rather than buying things is increasing rapidly.
Increase in premium purchasing also
Although the share of retail is decreasing, the purchase of premium products has not decreased. According to statistics, 3 in 4 wealthy Indians make at least one expensive purchase every quarter, while 1 in 4 buys a premium product every two weeks. Expenditure on jewelery and high-end gadgets is also continuously increasing.
Need for change in retail sector
Considering this changing trend, companies are now designing their stores in a new way. Now it is not enough to just show the product, but it has become necessary to give a better experience to the customers. Many brands are creating personalized service, interactive displays and immersive environments in their stores.
Malls are becoming experience centers
Malls are also no longer limited to just shopping. Many options like gaming, bowling, live events and food experiences are being added here, so that people spend more time and come again and again. The demand for such experiences is increasing rapidly, especially among the youth.
What next?
Experts believe that this change is not temporary, but is going to last for a long time. Retail is not dying, but its role is changing. Now it is becoming a part of a larger lifestyle ecosystem, where customers want a memorable experience along with shopping.
