Arab Today, arab today flashy fashion grows as india\s rich flaunt wealth
Last Updated : GMT 10:08:22
Arab Today, arab today
Arab Today, arab today

Being rich is not enough

Flashy fashion grows as India\'s rich flaunt wealth

Arab Today, arab today

Arab Today, arab today Flashy fashion grows as India\'s rich flaunt wealth

Many prosperous Indians are embracing conspicuous consumption
NEW DELHI - AFP

Many prosperous Indians are embracing conspicuous consumption  In booming India, being rich is not enough. For the moneyed classes, it\'s increasingly about flaunting their wealth in ways typical of the nouveaux riches in Russia, China or the Middle East .
India\'s well-heeled used to be more shy about displaying their wealth in the decades after independence from Britain when a tightly-controlled economy and dominant socialist thinking limited the opportunities for showing off.
But many prosperous Indians are embracing conspicuous consumption, turning their backs on the mantra of frugality espoused by independence hero Mahatma Gandhi, the father of the nation who eschewed possessions.
\"They have thrown off the parsimonious Gandhian phase when it was considered poor taste to flash wealth,\" says Radha Chadha, co-author of \"The Cult of the Luxury Brand\" who has studied the affluent in Asian countries.
The biggest sign of changing attitudes to wealth and shopping can be seen in the stampede to India of flashy Western designer brands from Louis Vuitton, Prada, Chanel and Bulgari as well as sports car makers Ferrari and Maserati.
Attend any society event in Mumbai or the capital New Delhi and \"it\'s a brave woman who arrives without a designer handbag\", says Chadha, who is also a brand consultant.
In the past, dazzling extravagance was the exclusive domain of India\'s former feudal leaders who splashed out on bespoke Rolls-Royce cars, diamonds the size of duck eggs, palaces and armies of servants during British rule.
Later, luxury-seeking consumers had to go mostly to boutiques in five-star hotels. But a shopping mall building boom is bringing to India the sort of air-conditioned high-end retail found commonly elsewhere in Asia.
\"People are less inhibited in their spending,\" said New Delhi furniture designer Raseel Gujral Ansal at an opening show of her creations last month as the city\'s elite oohed over sofas, chairs, beds and tables.
Even Prime Minister Manmohan Singh has called for the rich to tone down their excesses and to \"eschew conspicuous consumption\".
But Indian billionaire Azim Premji says the phenomenon is common in nations like China, Indonesia and Thailand where people are enjoying new wealth. \"The first few years, people want to show visibly they are very rich,\" he said.
He heads one of India\'s largest outsourcing companies, Wipro, and is renowned for his frugal lifestyle and philanthropy in a field of domestic billionaires whose extravagance frequently makes headlines.
The country\'s richest man, Mukesh Ambani, moved last year into a billion-dollar, 27-storey skyscraper home in Mumbai with three helipads in a development that towers over nearby slums.
He once gave a $60-million Airbus jet to his wife as a birthday present.
\"People always had money but now they are no longer afraid to reward themselves,\" said Shreyans Group chief executive Ashish Chordia, an importer for Porsche and other sports cars in India.
Sales of prestige cars such as Mercedes and Ferraris accelerated 80 percent last year, despite punishing 100-percent duties and potholed roads.
\"Last year was phenomenal,\" says BMW India president Andreas Schaaf, referring to sales.
Aston Martin last month joined the list of luxury marques driving into India with plans to sell three models the V8 Vantage, priced at $348,341, the Rapide at $483,146 and the One-77 at a whopping $4.5 million.
The Indian luxury market as a whole is forecast to triple to $15 billion by 2015 from $4.76 billion at present, according to global consultancy AT Kearney, though it still lags China\'s which stands at $9.6 billion.
The number of Indians who have financial assets of over $1 million, excluding main residences, now stands at 127,000, the 2010 World Wealth Report by Merrill Lynch Capgemini says.
According to a new survey of 160 financial advisors by a private banking arm of Citibank, Indians are the most likely members of the global super rich to spend more on private jets and yachts over the next few years.
At the same time, observers say the new ostentation underscores how the divide between India\'s wealthy and its poor is widening.
\"It makes me uncomfortable how much people spend on weddings,\" concedes one New Delhi society wedding organiser, who says families will regularly spend 10 million rupees ($225,000) on just one event in India\'s multi-day weddings.
India is home to the world\'s biggest number of poor people. Some 42 percent of Indians, or 455 million people, live on less than $1.25 a day, according to the World Bank.
India\'s statistics on health, infant mortality and malnutrition are worse than those for some countries in sub-Saharan Africa.
Shekhar Gupta, editor of The Indian Express, describes the well-off as \"divorced and insulated\" from poverty.
\"We send our children to private schools, get treatment only in private hospitals, have our own security in gated communities, never need to use public transport,\" he noted in a column.
At the glitzy Emporio mall in New Delhi, chauffeur-driven Mercedes, BMWs and the occasional Rolls-Royce or Bentley regularly pull up to disgorge wealthy occupants to shop at boutiques where handbags retail for $2,000 and more.
\"I don\'t take my mother-in-law here -- she\'s shocked at the prices,\" said Shaila, a businessman\'s wife, as she fingered a woven soft-leather Bottega Veneta bag priced at 136,899 rupees ($3,080) in one of the mall\'s boutiques.
\"I never tell her what I pay for things. She thinks it\'s a lot if a handbag costs 500 rupees,\" Shaila said, asking that her last name not be used.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today flashy fashion grows as india\s rich flaunt wealth Arab Today, arab today flashy fashion grows as india\s rich flaunt wealth

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Culture: أخبار ثقافة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday