Rich Indians Prefer Watches Over Smartphones; This Is Their Favourite Liquor Brand!
In a survey report released by the Hurun Research Institute, called the Hurun Luxury Consumer Survey 2019, it was found that apparently the high-net-worth individuals in India (HNIs) prefer Old Monk as their first cgoice in alcoholic beverage.
In order to understand the evolving patterns of lifestyle, consumption and brand awareness of rich Indians, the Hunan Research Institute conducted a survey, with participants of 35 years age, males 58% and females 42%. This is the first time the Hurun Research Institute has published the report to reveal different changes in the lifestyle of HNIs in India and the results and findings are extraordinary.
What are HNIs in India Interested in?
•Real estate and stock market are the most preferred personal investments for Indian HNIs.
•Their most popular Indian liquor brand is Old Monk, which was started in 1954.
•The UK is the most preferred overseas investment destination, followed by Singapore for these Indians.
•The United Kingdom is the most popular tourist destination too, followed by Italy and Maldives.
•Education is the sector where people spend the most followed by traveling and entertainment.
• More than one fourth said that their investment philosophy for this year will be “avoiding risk”.
• Watches are the most preferred choice for men’s gifts, followed by ‘electronics’ and ‘Wine & Imported spirits’.
• Jewellery falls under the most preferred gift item for ladies, followed by accessories and gift cards.
• Among collectibles, Indian HNIs prefer to spend the most on art.
• Newspaper followed by TV are the preferred choices for HNIs to access information.
• Visa/ Master Card based credit/ debit cards are the most preferred mode of payment among the HNIs.
A Clearer Understanding of the Situation
The participants of the survey have an average of 35 years, with males and females accounting for 58% and 42% respectively. 51% of them are married and 2% are divorced. They all come from different cities across India, including Mumbai, Bangalore, Delhi, and major second-tier cities and overseas cities, of which 64% are in the north and south.
As per Anas Rahman Junaid, MD and chief researcher of Hurun Report India, “Increase in opulence and the rising millennial population in the country, investment into luxury products and service would witness an upward trend”. He adds that if India’s GDP doubles in the next 4 years, it will definitely impact the number of new millionaires in the country.
Nearly 31.07% respondents believe that their investment allocation towards real estate sector will grow in the next two years, while 49.51% believe that the investments into real estate will retain status quo and remainder respondent group believed that it would decline.