High-end fashion surpasses jewellery spends in 2018
Indians have spent more on high-end fashion than jewellery in the year 2018 according to a recent report from American Express.
High-end fashion contributed 42 percent of the total luxury spends in 2018, said the American Express report, titled "Luxury Spend Analysis 2018."
"India's luxury market continues to grow with consumer behaviour maturing in the last five years. While jewellery spending dominated the category till 2013, we have seen other segments - including electronic and high-end fashion grow in share, and even surpass jewellery spends in certain markets," Manoj Adlakha, CEO at American Express India, said in a statement.
"With nearly 70 per cent of luxury spending in India contributed at top 15 percent of merchants, there is a huge opportunity for retailers and local high-end merchants to understand customer demand and preferences, and tap into their aspirations," Adlakha added.
The American Express report covered transactions and spend volumes at over 600 merchants. It concluded that Indian affluents spend the highest on jewellery, electronics, high-end fashion (apparel and accessories) and luxury retail.
Delhi, Mumbai, and Bengaluru were the cities that had the highest number of luxury spends in 2018 while Kolkata and Chennai emerged as new centres of luxury consumption.
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