The Economy is passing through critical phase...Rupee is falling to historic lows....Industrial output dropped to record lows...There is looming shadow of slowdown on the Economy...But the spending power of a majority of people in the High-Income Group continues to rise amid the economic slowdown, with more than a third of their income set aside for luxury brands ASSOCHAM in its survey report revealed..
"Despite the global economic slowdown, the size of high-income group consumers continues to grow and they spend over 40 per cent of their monthly income on luxury items, whereas middle-income group consumers have come under heavy pressure," Assocham said in a statement on the survey. The respondents said the slowdown in the economy had not affected their spending patterns, with many of them stating that maintaining their lifestyle was an extremely important facet of their social life, it said. "Brand recognition continues to rise as consumers become more discerning and seek experiential luxury as well as unique one-of-a-kind such brands," Assocham Secretary General D S Rawat said. The factors that have fuelled the luxury industry's growth include the rise in disposable income, increased brand awareness among youth and higher purchasing power of the upper class, not only in tier-I cities but also in tier-II and tier-III cities, it said. The chamber said the survey was conducted in major places, including New Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Hyderabad, Pune, Chandigarh and Dehradun. The survey covered about 200 respondents in each city from sectors such as IT/ITes, financial services, engineering, management, FMCG and infrastructure.
"Despite the global economic slowdown, the size of high-income group consumers continues to grow and they spend over 40 per cent of their monthly income on luxury items, whereas middle-income group consumers have come under heavy pressure," Assocham said in a statement on the survey. The respondents said the slowdown in the economy had not affected their spending patterns, with many of them stating that maintaining their lifestyle was an extremely important facet of their social life, it said. "Brand recognition continues to rise as consumers become more discerning and seek experiential luxury as well as unique one-of-a-kind such brands," Assocham Secretary General D S Rawat said. The factors that have fuelled the luxury industry's growth include the rise in disposable income, increased brand awareness among youth and higher purchasing power of the upper class, not only in tier-I cities but also in tier-II and tier-III cities, it said. The chamber said the survey was conducted in major places, including New Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Hyderabad, Pune, Chandigarh and Dehradun. The survey covered about 200 respondents in each city from sectors such as IT/ITes, financial services, engineering, management, FMCG and infrastructure.
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