In a survey by Economic Times, it was learnt that the families with Household Incomes of over Rs 12.5 lakhs have increased from 20% in 1993-94 to 53% in 2009-10 and recently to 59%.
The families holding their position in the top household income families are also considered to be high spenders as 40 percent of the income is spent on private consumption. Whereas, middle income families just spend 17 percent of their incomes on private consumption.
According to another study by NCAER-CMCR, spending percent on food by the various classes is very indicative:
Rich – 40%
Middle Class – 42.5%
Aspirers – 47.5%
Deprived classes – 57.3%
Percent of income spent on education also shows a very interesting trend:
Rich – 8.8%
Middle Class – 9.2%
Aspirers – 8.1%
Deprived Class – 5.7%
The study also found that educational qualifications have a direct impact on the growth of your income.
The rich class spends most amongst all the classes on transportation – 14.7% – which is understandable, as they may be going for more and more expensive cars.
As the technologies become available for the common man, the Indian population is also spending more on gadgets. 61% of Indian population owns a mobile phone, while 18% have a smart phone, and 36.7% have a desktop computer. Those with laptop and notebooks are 35%.