In a sign of growing affluence among India’s youth and larger spending power especially on luxury items segment, a new study shows that the average age of affluent citizens in the country is 34, younger than in most Asia Pacific nations.
The Visa Affluent Study 2015, conducted across consumers in Australia, China, Hong Kong, Indonesia, Japan, South Korea, Singapore and India, points to increase in the number of millionaires in India over the past year. It also tells us that 8 in 10 affluent Indians are married, seemingly highest across the countries surveyed.
“According to recently published reports the total number of millionaires in India rose 26% last year to around 198,000 millionaires. The Visa Affluent Study findings reaffirm this growth and confidence which is reflected in the propensity of affluent Indians to invest more money towards the finer aspects of life,” said TR Ramachandran, group county manager, Visa India & South Asia, in a release.
The study says that the average household income of India’s affluent is 1.5 million rupees (15 lakhs)with 46% of them prioritizing increasing their personal income.
However, in a trend not so much good for a healthy lifestyle, the study found that most of the affluent were likely to work on weekends and spending a larger part of their daily lives at their workplace. It comes at a time when countries like France have barred people from working beyond 6 pm and exhorted them to spend more time with their families.
At the same time, people in this bracket in India attach high regard for their child’s education with individual sports and music making up top interest topics.
According to the study, affluent in India, along with Indonesia, Hong Kong and China displayed high propensity to spend money in the next one year.