No articles found to show on this page.
If you think India’s ultra rich would be spending a good part of their lives in luxury spas, you are wrong. Spas don’t find favour with them. And when they go on expensive holidays, they don’t pamper themselves at luxury resorts. Most would rather rent a luxury villa and go out to soak in the local culture by mixing with the common people.
How do India’s ultra rich spend? How do they use internet? How do they keep fit? Are they as amenable to trends as the commoners are? These and many other revelations are part of the seventh edition of Top of the Pyramid Report by Kotak Wealth Management (KWM). It studied ultra high networth individuals (UHNIs) in India to know their behaviour and preferences in health wellness, philanthropy, digital behaviour and family business.
India’s ultra rich keep getting younger each year. About 60% of them surveyed were below the age of 40, compared with 47% last year. These young ones are introducing changes in consumption patterns.
For example, the ultra rich now spend the most on apparel and accessories. This category commanded the largest share of their specific expenses. Apparently, more young people joining the ultra rich club means more fashion consciousness among them. The second-highest allocation of spending is for holidays. Indian ultra rich spend more on travel and vacations to foreign countries (average spend) than any other nationality.
Prime Minister Narendra Modi’s various measures to curb the black economy seem to have impacted the ultra rich too. The share of jewellery in their total spending decreased to about 12% from 17% last year. Though higher gold prices may also have contributed to a fall in demand, the government making PAN disclosure mandatory for all transactions and purchases above Rs 200,000 must have been a significant reason.
Quite predictably, the most preferred fitness regime among the ultra rich is exclusive membership to health clubs or select gyms, possibly due to the privacy and convenience it offers.
However, despite latest trends such as virtual boxing, 360 Fitness, H.E.A.T (high-energy athletic training), megaformers, and water workouts, the ultra rich find yoga and walking as the most effective forms of exercise. A significant 76% said they practised yoga. However, 38% were CrossFit users, an indication of the number of young ones increasing in among the ultra rich.
Spas have some way to go before they can wash with Indian ultra rich. Only about a third of them said that they visited a spa every month. Within age groups, about 50% in the 51 to 60 category said they never visited spas. Even in the other age groups, a significant portion were not regulars at spas. Most in the 41 to 50 age group visited spas twice a month while more 25 to 40 year olds were monthly visitors.
Wearable tech devices that monitor fitness could be the rage, but the ultra rich are not enamoured of them. A little less than half wear activity tracker FitBit. About a third use sleep headphones and MyFitnessPal, a mobile application that tracks food intake. A quarter use Runkeeper, a mobile application that tracks a user’s physical activity. None of the gadgets and applications was rated very highly by them. However, more than half use blood glucose meters.
Being a great leveller, Internet is the only place where the ultra rich go to places same as the commoners. Across age groups, Facebook and WhatsApp are the most favourite apps, with most visiting these at least once a day. 52% of those who use WhatsApp visit the application more than thrice a day, while 86% looked at Facebook at least once a day.