Ever since currencies were invented, human beings haven’t stopped shopping. The barter system of payment has in more recent times been replaced with the convenience of swiping debit and credit cards. Food, clothing and shelter were earlier listed as essentials for survival of human beings but that list has long since changed with Smart phones, high speed internet connections, fashion and cars being added on.
Needless to say, as time has passed the buying power of the average Indian has also changed dramatically considering wages in general have improved. It is believed that 75% of Indians with an average annual income of INR 15 Lakh or more end up spending more than INR 1500 each month on clothes. 21% of Indian women spend over INR 3000 each year on footwear as opposed to 16% Indian men. Some statistical records state a whopping 22% Indians in the age group of 35 to 44 are believed to spend more than INR 2500 each month extending their wardrobes with latest fashion trends. In some instances this could be upto a third of their salary! Alarming? Well, there’s reason to be.
The average Indian however is very price sensitive and we tend to hunt down really competitive price points when shopping for clothing, accessories or anything for that matter. 56% Indians are believed to spend less than INR 1000 on buying footwear every year. 26% are willing to spend between INR 1000 and 8000. The figures dwindle to 13% who are willing to spend between INR 3000 and 8000 on footwear each year. About 5% spend more than INR 8000.
While it’s great to indulge, it’s also important to save for a rainy day. However it is believed that a vast majority of Indians do not have more than INR 25,000 in their savings account or emergency fund. While this has no obvious correlation with the amount spent on fashion, it might be crucial that we inculcate the ‘own lesser’ way of life. In the long run not only does this have fewer adverse effects on the environment, it will do your wallet a great deal of good and you’ll probably make wiser long term investment choices.
Author- #Sneha Sundareshan