Poverty Stricken India Spends Highest on Leisure

This high spending is not only in the tourism sector. Indians don’t restraint themselves from buying expensive homes. As soon as the plan of Mumbai’s Bandra-Kurla complex was launched, flats were sold out, each of its apartments costs Rs.30 - 50 crore.

Indians also spend big on luxury cars, posh homes and love holidaying overseas unlike before. Kamal Khetan, Managing Director, Sunteck Realty, says: "Buyers are bullish about future prospects”, as quoted by Rediff.

At times companies across sectors face economic slowdown but the truth is that India's high net-worth individuals’ loves spending – and spending big despite of any slowdown.

Magnificent automotive brands like Rolls Royce, Ferrari, Lamborghini and Harley Davidson are never out of demand in India.

Rolls Royce, which sells the Ghost salon and Phantom model for Rs.3 crore and Rs.4.5 crore respectively, and it still forecasts to sell 130 - 150 cars per annum in the next 3 years in India.

"We can never say that our brand is immune to slowdown. Yet, there always seems to be demand for super-luxury cars. Our recent announcements regarding dealership expansion indicate demand is healthy - coming not just from Tier-I metros but also Tier-II cities," says Herfried Hasenoehrl, General Ganager, Emerging Markets (Asia), Rolls-Royce Motor Cars.

A study called ‘Top of the Pyramid’ by Kotak Wealth and CRISIL Research showed that by the end of 2015-16, the net worth of Indian ultra HNIs will grow fivefold to Rs.235 trillion, and the high heeled Indians loves to spend their stashed up cash on holidays, diamonds, jewellery, cars, jets, and gadgets.

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