Spends
The economic reforms of the early 1990s unleashed a wave of industrialisation and growth that increased the standard of living and wealth among many sections of Indian society today, and has been the progenitor of the multitudes of ultra HNIs who throng the country’s landscape.
What has changed due to this accumulation of wealth by more and more Indians has been their attitude towards spending. Until the 1990s, leaving aside some regional cultural differences, the average Indian was far more circumspect in spending, particularly on items or services that were generally perceived to be crassly consumerist. That is no longer the case. The average individual is today bombarded through all forms of media by focused sellers intent on peddling a variety of goods. Moreover, due to the explosion of information fuelled by the Internet, there is greater awareness of global brands. There is willingness to spend because things are within reach and the pockets are loaded.
Ultra HNIs as a class spend a significant portion of their overall expenditure on customised holiday packages, luxury watches, jewellery, diamonds and precious stones, and household electronics.
The Professionals – and not, as popular wisdom would suggest, the Inheritors or the Self-made – who, well, splurge the most. This can probably be explained by the fact that the Professional derives his income predominantly from a job, unlike the Inherited and the Self-made, both of who generate their income principally from their businesses.
The ultra HNIs generally spend on items such as domestic and international branded wear, high-end cameras, and luxury leather products.
Big ticket spends are planned in advance, often with family involvement. These purchases include holiday packages, luxury watches, jewellery, household electronics and home décor
A majority of the ultra HNIs travel at least twice a year, while about 15-20 per cent of the Inheritors and the Self-made travel thrice or more annually.
Associated with wealth, premium lifestyle, and brands, luxury watches are a coveted item for ultra HNIs. India's potential luxury watch market was an estimated 
15 billion in 2010-2011. Majority of the luxury watch purchases in the country take place in Mumbai or Delhi, although the aspiration for them is quite high in other Tier I and Tier II cities.
TOP India survey reflected, nearly 74 per cent of the Inheritors and 55 per cent of the Self-made professed their inclination to buy a luxury watch, whilst only one third of the Professionals did so.
Wearing jewellery is the most common form of display of wealth and social status. The Inheritors and the Self-made spend more on jewellery than the Professionals.
Most ultra HNIs own a number of cars to suit their diverse needs. On an average, the Inheritors own 3-4 cars, while the Self-made and the Professionals own 1-2 cars. Japanese brands are most preferred by the ultra HNIs, some of the popular ones, being Honda, Toyota, Mercedes, BMW, Audi, Skoda, and Hyundai.
The apparel segment in India has grown at a CAGR of 19 per cent between 2007 and 2009. The three big segments of the fashion luxury apparel market are the international branded apparel, Indian designer wear, and accessories.
Top Of the Pyramid has decoded this ‘have money, will spend’ attitude of the ultra HNIs in this chapter.
To know more, download the chapter.
