Hyderabad: High-end luxury product spending in Hyderabad has jumped from 16 per cent in 2013 to 52 per cent in 2018 adding the city to the list of high-end spenders, according to the American Express Luxury Spend Analysis 2018.
The high-end luxury products that the city favours are jewellery, electronics, hi-end fashion boutiques (including apparel, shoes, bags and watches) as well as shop boutiques.
The analysis found that Hyderabad spent 52 per cent on electronics, 38 per cent on luxury retail and jewellery in the year 2018. The analysis found that people were opting for premium luxury brands indicating a shift in the trend of luxury spending in the city.
The spending overall in India for luxury brands was 42 per cent in 2018. The cities which saw the highest luxury spends were Delhi, Mumbai, Bengaluru, Chennai, Hyderabad and Pune. There were a total of 600 establishments which contributed to the analysis who were exclusively into high end products.
It has been found that 34 per cent of inbound travellers to India spent on luxury products. The inbound spend has gone up from 29 per cent in 2017 to 34 per cent in 2018. 52 per cent of inbound luxury spending in India was from travelers coming from United States of America.
As per the analysis, it has been found that spending in smaller cities is rising by nearly 14 per cent a year when compared to bigger cities where it is 12 per cent. To experience new things, live more premium lifestyles and buy international brands, the market for luxury products was opening in the smaller cities. The emerging luxury hubs of India according to the analysis are Chandigarh, Ahmedabad, Jaipur and Udaipur where the luxury spend share has increased from 9 per cent to 59 per cent between 2013-18.